<SEC-DOCUMENT>0001292814-16-006619.txt : 20161114
<SEC-HEADER>0001292814-16-006619.hdr.sgml : 20161111
<ACCEPTANCE-DATETIME>20161114114801
ACCESSION NUMBER:		0001292814-16-006619
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20160331
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:		161992377

	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>siditr1q16_6ka.htm
<DESCRIPTION>ITR - QUARTERLY FINANCIAL INFORMATION - MARCH 31, 2016
<TEXT>

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   <TITLE>siditr1q16_6ka.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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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>

<DIV align=center>

<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: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

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<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt"><B><FONT style="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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; BORDER-TOP: #bfbfbf 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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="MARGIN: 6pt 0cm 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; MARGIN: 6pt 0cm 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="MARGIN: 6pt 0cm 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; MARGIN: 6pt 0cm 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="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2016 to 03/31/2016</FONT></P></TD>

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

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   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2015 to 03/31/2015</FONT></P></TD>

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

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

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Balance Sheet - Assets</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Balance Sheet - Liabilities</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>15</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 6pt 0cm 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; MARGIN: 6pt 0cm 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: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 17pt; PADDING-TOP: 0cm" vAlign=bottom width="88%">

   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2016 to 03/31/2016</FONT></P></TD>

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt 1cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1/1/2015 to 03/31/2015</FONT></P></TD>

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

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

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 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; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>19</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 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; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>20</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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   <P style="MARGIN: 6pt 0cm 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Notes to the quarterly financial information</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>33</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

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

   <P style="MARGIN: 6pt 0cm 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Reports and Statements</FONT></B></P></TD>

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

<TR style="HEIGHT: 17pt">

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

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   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0cm 3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>77</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

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<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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

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

<DIV align=left>

<DIV align=left>

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



<TR>

   <TD style="BACKGROUND: #bfbfbf" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Number of Shares</FONT></B></P>

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Units)</FONT></B></P></TD>

   <TD style="BACKGROUND: #bfbfbf" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Quarter</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="BACKGROUND: #bfbfbf" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d9d9d9" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Paid-in Capital</FONT></B></P></TD>

   <TD style="BACKGROUND: #d9d9d9" vAlign=bottom width="34%">

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

   <TD style="BACKGROUND: #d9d9d9" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=arial,sans-serif>1,387,524,047</FONT></P></TD>

   <TD vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="LETTER-SPACING: -0.1pt; FONT-SIZE: 10pt" face=arial,sans-serif>1,387,524,047</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: #d9d9d9" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury Shares</FONT></B></P></TD>

   <TD style="BACKGROUND: #d9d9d9" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #d9d9d9" vAlign=bottom width="33%">

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

<TR>

   <TD vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30,391,000</FONT></P></TD>

   <TD vAlign=bottom width="33%">

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

<TR>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0</FONT></P></TD>

   <TD style="BORDER-BOTTOM: #bfbfbf 1pt dashed" vAlign=bottom width="33%">

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

<TR>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total</FONT></B></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: right; MARGIN: 6pt 0in 3pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30,391,000</FONT></P></TD>

   <TD style="BACKGROUND: #f2f2f2" vAlign=bottom width="33%">

   <P style="MARGIN: 6pt 0in 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P></P>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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

<DIV align=left>

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



<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="77%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Balance Sheet - Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="54%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="23%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=top width="23%">

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 25.5pt">

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 7.25pt" 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current Quarter 03/31/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>YDT Previous Year<BR>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=top width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>43,534,593</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>45,605,526</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>7,950,527</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,842,440</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,155,182</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,885,199</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>764,132</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>763,599</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>764,132</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>763,599</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,422,426</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,467,523</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,834,277</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,850,744</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>774,510</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>875,375</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>35,584,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>36,763,086</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,484,392</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,510,431</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,199,630</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,228,961</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.01.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other non-current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,284,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,281,470</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>22,042,470</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>23,323,565</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,995,809</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,866,348</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="40%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 7.25pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>61,395</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt 7.25pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>62,742</FONT></P></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 2 of 77</FONT></P></DIV>

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   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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

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<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="78%" colSpan=3 noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Balance Sheet &#8211; Liabilities</FONT></B></P></TD>

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

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><B><FONT style="FONT-SIZE: 10pt" 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="59%" colSpan=2 noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>&nbsp;</TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><B><FONT style="FONT-SIZE: 12pt" 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="18%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>&nbsp;</TD>

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

   <P style="TEXT-ALIGN: center; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="18%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><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; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><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; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current Quarter 03/31/2016</FONT></B></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="22%">

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>YDT Previous Year<BR>12/31/2015</FONT></B></P></TD></TR>

<TR>

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

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total liabilities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>43,534,593</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>45,605,526</FONT></P></TD></TR>

<TR>

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

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current liabilities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,016,450</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,272,372</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>128,882</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>141,496</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade payables</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>738,848</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>742,364</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Taxes payable</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>66,023</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,814</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,536,813</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,879,073</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other payables</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>456,961</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>411,699</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>88,923</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>91,926</FONT></P></TD></TR>

<TR>

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

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>88,923</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>91,926</FONT></P></TD></TR>

<TR>

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

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-current liabilities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>32,274,950</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>33,668,407</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>29,552,923</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>31,109,017</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other payables</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>109,836</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>126,450</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,612,191</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,432,940</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>589,243</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>564,372</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other provisions</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,022,948</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,868,568</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provision for environmental liabilities and decommissioning of assets</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>261,629</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>259,115</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Pension and healthcare plan</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>514,367</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>514,367</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provision for losses on investments</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,246,952</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,095,086</FONT></P></TD></TR>

<TR>

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

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated Shareholders&#8217; equity</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>7,243,193</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>7,664,747</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Issued capital</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,540,000</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital reserves</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>30</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>30</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings reserves</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,464,701</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Legal reserve</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>442,531</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>442,531</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Statutory reserve</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,151,920</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings reserves to realize</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>109,226</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>109,226</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury shares</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-238,976</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit/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="19%" noWrap>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>0</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="41%" noWrap>

   <P style="TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt"><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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,075,152</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; TEXT-INDENT: -0.3pt; MARGIN: 0in 0in 0pt 0.3pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>660,016</FONT></P></TD></TR></TABLE></DIV>

<P></P>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

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   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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

<DIV align=left>

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



<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" width="58%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Statements of Income </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="21%">

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

<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" width="55%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0cm" vAlign=top width="21%">

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

<TR style="HEIGHT: 24.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2016 to 03/31/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year</FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1/1/2015 to 03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net revenue from sales and/or services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,977,640</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,058,032</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cost of sales and/or services </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,638,396</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-2,189,432</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gross profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>339,244</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>868,600</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Operating expenses/income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-878,674</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,014,030</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-168,633</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-145,918</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-123,260</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-84,564</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other operating income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,840</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>3,722</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other operating expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-102,542</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-201,760</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-487,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,442,550</FONT></P></TD></TR>

<TR style="HEIGHT: 14pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit before finance income (costs) and taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-539,430</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,882,630</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance income (costs)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-267,878</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,028,355</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>18,429</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>494,693</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-286,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,523,048</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net exchange difference on financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,043,124</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,659,972</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,329,431</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-863,076</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit (loss) before taxes on income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-807,308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-145,725</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-29,382</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>537,781</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit (loss) from continuing operations </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings per share - (R$/share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Basic earnings per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

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

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>0.61651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.28887</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Diluted earnings per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

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

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="41%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>0.61651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>0.28887</FONT></P></TD></TR></TABLE></DIV>

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

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

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<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <TD vAlign=top width="65%">

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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



<TR style="HEIGHT: 16.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="100%" colSpan=6 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Statement of Comprehensive Income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="66%" colSpan=3 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="18%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="16%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 25.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="53%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Quarter 01/01/2016 to 3/31/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year 01/01/2015 to 3/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>415,136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>363,013</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial (losses) gains on defined benefit plan from investments in subsidiaries</FONT></FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>85</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>125</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cumulative translation adjustments for the year</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-183,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>176,771</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Available-for-sale assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>32,353</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>597,135</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution on available-for-sale assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-203,026</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Available-for-sale assets from investments in subsidiaries</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>68,699</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Impairment of available-for-sale assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution on impairment of available-for-sale assets</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-2,862</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Losses) gains on cash flow hedge accounting</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>534,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-427,645</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution on cash flow hedge accounting</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>145,399</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Realization of cash flow hedge reclassified to the income statement</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>12,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Losses) gains on net investment hedge</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>18,864</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="8%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="53%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Comprehensive income for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-421,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>755,069</FONT></P></TD></TR>

<TR>

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   <TD width="14%">&nbsp;</TD>

   <TD width="4%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 5 of 77</FONT></P></DIV>

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<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="100%" colSpan=4 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Parent Company Statements / Statement of Cash Flows &#8211; Indirect Method</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="19%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="21%">&nbsp;</TD></TR>

<TR style="HEIGHT: 36.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Quarter<BR>01/01/2016 to 3/31/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year<BR>01/01/2015 to 3/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash generated by operating activities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-470,360</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,180,407</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash generated from operations</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-744,785</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,498,010</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the year</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Charges on borrowings and financing</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>630,953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>815,393</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Charges on loans and financing granted</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-8,470</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-4,970</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Depreciation, depletion and amortization</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>135,525</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>206,329</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Equity in income (losses) of affiliates</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>487,079</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,442,550</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Deferred income tax and social contribution</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>29,331</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-694,546</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>21,868</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>125,346</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inflation adjustment and exchange differences, net</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,221,066</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,084,988</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Residual value of permanent assets written off</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>7,590</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,842</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.01.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other provisions</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>9,095</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,705</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Changes in assets and liabilities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>274,425</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-317,603</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade receivables - third parties</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-23,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-66,978</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade receivables - related parties</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>87,172</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>38,075</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Inventories</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>14,092</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>161,598</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Receivables - related parties / Dividends</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,748</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,943</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Recoverable taxes</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>14,263</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>57,644</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Judicial deposits</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>9,326</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-4,310</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Dividends received - related parties</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>815,035</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Trade payables</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-21,070</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-103,692</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,446</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>23,241</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Taxes in installments - REFIS</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>63,419</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>123,552</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.13</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Payables to related parties</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>9,690</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.15</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest paid</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-671,713</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-557,310</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.16</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest received</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>12</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.01.02.19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-23,042</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>2,818</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash used in investing activities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-122,169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-420</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Investments / Advances for future capital increase</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-7,231</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-7,847</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Purchase of property, plant and equipment</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-236,057</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-304,379</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash&nbsp;reduction of subsidiaries and joint ventures</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>486,758</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital increase in subsidiary</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-2,200</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Intercompany loans granted</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-11,938</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Intercompany loans received </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>75</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Exclusive funds</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>123,852</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-163,089</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Financial Investments, net of redemption</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-533</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash used in financing activities</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-131,019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,151,777</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings and financing, net of transaction cost</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-26,006</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>389,450</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Borrowings and financing - related parties</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>40,239</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Amortization of principal on borrowings and financing</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-100,410</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-535,978</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Amortization of principal on borrowings and financing - related parties</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-349,912</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Payments of dividends and interests on shareholder&#180;s equity</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-549,829</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury shares</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Forfaiting capitalization / drawee Risk</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>76,338</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>15,136</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.03.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Forfaiting amortization / drawee Risk</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-121,180</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-111,254</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Exchange differences on translating cash and cash equivalents</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-6,469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>49,459</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>Increase (de</FONT>crease) in cash and cash equivalents</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-730,017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>77,669</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash and equivalents at the beginning of the year</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,146,393</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="48%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cash and equivalents at the end of the year</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,155,182</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,224,062</FONT></P></TD></TR></TABLE></DIV>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P></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="10%" 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="10%" 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="10%" 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="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="32%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><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; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Shareholders' equity</FONT></B></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

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

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

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

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-421,554</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-183,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-183,286</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>85</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>85</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,353</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,353</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>534,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>534,423</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Realization on Cash Flow Hedge Accounting, reclassified to statement of income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12,697</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18,864</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18,864</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" width="32%" noWrap>

   <P style="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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,075,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7,243,193</FONT></P></TD></TR>

<TR>

   <TD width="8%">&nbsp;</TD>

   <TD width="32%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</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>

<P>&nbsp;</P></DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 7 of 77</FONT></P></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><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></FONT></B></FONT></FONT></P></TD>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>
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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 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: 2.8pt" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 15.75pt">

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

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

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company Statements / Statement of Changes in Shareholders&#180; Equity - 1/1/2015 to 12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" width="2%">

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%" colSpan=2 noWrap>

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

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>&nbsp;</TD>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" colSpan=2>

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

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.01</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Opening balances</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,696,468</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.03</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,696,468</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.04</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-284,390</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-284,390</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,390</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Dividends</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-275,000</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-275,000</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.05</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>363,013</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>755,069</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit for the period</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>363,013</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>363,013</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>176,771</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>176,771</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Actuarial gains on defined benefit plan, net of taxes </FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>125</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>125</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>468,363</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>468,363</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="30%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Loss on hedge accounting, net of taxes</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-282,246</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-282,246</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5.07</FONT></P></TD>

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

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Closing balances</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>846,908</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>388,153</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6,167,147</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

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

<TR style="HEIGHT: 11.35pt">

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

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 8 of 77</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><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></FONT></B></FONT></FONT></P></TD>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Parent Company Statements / Statement of Value Added </FONT></B></P></TD>

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

<TR style="HEIGHT: 15.75pt">

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="63%" colSpan=4 noWrap>

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

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<TR style="HEIGHT: 11.25pt">

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

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<TR style="HEIGHT: 24pt">

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="14%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="45%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Current Quarter</FONT></B></P></TD>

   <TD style="HEIGHT: 24pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>YTD Prior Year </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1/1/2016 to 3/31/206</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>01/01/2015 to 3/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,447,647</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,723,968</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Sales of products and services</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,458,864</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,669,030</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>61,531</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Allowance for (reversal of) doubtful debts</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-11,262</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-6,593</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Raw materials acquired from third parties</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,703,711</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,485,835</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,446,531</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,950,754</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Materials, electric power, outside services and other</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-254,572</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-525,191</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment/recovery of assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-2,608</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,473</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.02.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Gross value added</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>743,936</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,238,133</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-135,525</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-206,329</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-135,525</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-206,329</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Wealth created</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>608,411</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,031,804</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Value added received as transfer</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-651,339</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,634,817</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Equity in income of affiliates</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-487,079</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,442,550</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>18,429</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>494,693</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-182,689</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>697,574</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.06.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Other and exchange gains</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-182,689</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>697,574</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Wealth for distribution</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-42,928</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,666,621</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Wealth distributed</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-42,928</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,666,621</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>309,192</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>329,522</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Salaries and wages</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>239,994</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>251,291</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>49,640</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>60,889</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Severance pay fund (FGTS) </FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>19,558</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17,342</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes, fees and contributions</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>379,073</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-277,119</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>358,043</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-319,590</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>State</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>21,030</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>40,155</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,316</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Remuneration on third-party capital</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>105,497</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,222,162</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>1,329,594</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>862,664</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Leases</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>2,822</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,608</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,226,919</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,356,890</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.03.03.01</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other and exchange losses</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,226,919</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,356,890</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Remuneration on Shareholders capital</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 14.2pt">

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="14%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="45%" colSpan=2 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="HEIGHT: 14.2pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="22%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR>

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

   <TD width="12%">&nbsp;</TD>

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

   <TD width="43%">&nbsp;</TD>

   <TD width="6%">&nbsp;</TD>

   <TD width="13%">&nbsp;</TD>

   <TD width="5%">&nbsp;</TD>

   <TD width="17%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 9 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; LINE-HEIGHT: 115%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><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></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2><BR>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

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

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

<P style="MARGIN: 0cm 0cm 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: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=4 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet - Assets</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="60%" colSpan=2 noWrap>

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

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="21%">

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

<TR style="HEIGHT: 25.5pt">

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

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current Quarter<BR>03/31/2016</FONT></B></P></TD>

   <TD style="HEIGHT: 25.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>YTD Previous Year <BR>12/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Total assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>45,935,024</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>48,649,974</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.01</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Current assets</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>13,697,372</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>16,430,691</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,540,940</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>7,861,052</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>764,132</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>763,599</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>764,132</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>763,599</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,816,106</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,578,277</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,494,832</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,941,314</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,081,362</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,286,449</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1.02</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32,237,652</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>32,219,283</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,853,541</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,890,948</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,262,494</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,307,027</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,591,047</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,583,921</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,084,727</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>3,998,227</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17,880,257</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>17,871,599</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="14%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,419,127</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,458,509</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 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: 9pt" face="Times New Roman">Page 10 of 77</FONT></P></DIV>

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

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

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

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

<DIV align=left>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="100%" colSpan=4 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Balance Sheet &#8211; Liabilities</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="58%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 12pt" 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="18%" noWrap>&nbsp;</TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="21%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Current Quarter<BR>03/31/2016</FONT></B></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="21%">

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

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2 </FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>45,935,024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>48,649,974</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4,819,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,325,571</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>245,177</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>256,840</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.02</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,235,417</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,293,008</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.03</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>708,138</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>700,763</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.04</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,459,777</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,874,681</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.05</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,046,262</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,073,017</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.06</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>124,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>127,262</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.01.06.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>124,397</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>127,262</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>32,796,957</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>34,588,740</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>30,561,057</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>32,407,834</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.02</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>148,318</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>131,284</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.03</FONT></P></TD>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>508,363</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>494,851</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,579,219</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,554,771</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>730,862</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>711,472</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>848,357</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>843,299</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02.03</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provision for environmental liabilities and asset retirement obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>333,989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>328,931</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.02.04.02.04</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>514,368</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>514,368</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,318,899</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>8,735,663</FONT></P></TD></TR>

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.02</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

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

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.01</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

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

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.02</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.04</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

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

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.04.09</FONT></P></TD>

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

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black 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=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.05</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit/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="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; 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>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.08</FONT></P></TD>

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

   <P style="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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,075,152</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

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

<TR>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>2.03.09</FONT></P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-controlling interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,075,706</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,070,916</FONT></P></TD></TR></TABLE></DIV>

<P></P>

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

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 11 of 77</FONT></P></DIV>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0in" width="77%" colSpan=3 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statements of Income </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 16.3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0in" width="58%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.3pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 24.85pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" 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: 24.85pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" 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: 24.85pt; PADDING-TOP: 0in" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter <BR>01/01/2016 to 03/31/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.85pt; PADDING-TOP: 0in" vAlign=bottom width="23%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD PreviousYear <BR>01/01/2015 to 03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net revenue from sales and/or services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>3,843,803</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,010,252</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cost of sales and/or services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-2,917,758</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,025,533</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gross profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>926,045</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>984,719</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Operating expenses/income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-692,113</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-225,734</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-450,421</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-300,830</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>General and administrative expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-160,111</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-109,845</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other operating income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>22,272</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,962</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other operating expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-148,832</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-219,499</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="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: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>44,979</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>398,478</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit before finance income (costs) and taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>233,932</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>758,985</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance income (costs)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-943,014</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-869,700</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>243,154</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56,136</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-1,186,168</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-925,836</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net exchange difference on financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-318,240</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-65,243</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.06.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-867,928</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-860,593</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit (loss) before taxes on income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-709,082</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-110,715</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-122,210</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>502,517</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit (loss) from continuing operations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-831,292</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>391,802</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated profit (loss) for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-831,292</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>391,802</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.11.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.11.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to non-controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-254</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Earnings per share - (R$/share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

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

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Basic earnings per share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

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

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>0,61651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.28887</FONT></P></TD></TR>

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Diluted earnings per share </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

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

<TR style="HEIGHT: 13.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=top width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>3.99.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Common shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>0,61651</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.2pt; PADDING-TOP: 0in" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>0.28887</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></DIV>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 12 of 77</FONT></P></DIV>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV align=left>

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



<TR style="HEIGHT: 16.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="99%" colSpan=4 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Comprehensive Income</FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.6pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="71%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.6pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 25.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="59%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2016 to 03/31/2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD PreviousYear </FONT></B></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>01/01/2015 to 03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated profit for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-831,292</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>391,802</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>363,013</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial gains on defined benefit plan from investments in subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>85</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Actuarial gains (losses) on defined benefit pension plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>202</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution on actuarial (losses) gains on defined benefit pension plan</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-77</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cumulative translation adjustments for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-183,286</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>176,771</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,353</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>648,403</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution on available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-185,595</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution on impairment of available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-2,862</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.09</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gain (loss) on cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>534,423</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-427,645</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.10</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>Income tax and social contribution on cash flow hedge accounting </FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>145,399</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Realization of cash flow hedge accounting reclassified to income statement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12,697</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.02.12</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" face=Arial>Gain (lo</FONT>ss) on net investment hedge</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18,864</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

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

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated comprehensive income for the year</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-416,156</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>754,815</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-421,554</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>755,069</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>4.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=top width="59%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Attributed to non-controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-254</FONT></P></TD></TR>

<TR>

   <TD width="12%">&nbsp;</TD>

   <TD width="59%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD>

   <TD width="14%">&nbsp;</TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><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></FONT></B></FONT></FONT></P></TD>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

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

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<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="100%" colSpan=4 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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></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="63%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" 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="18%">&nbsp;</TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">&nbsp;</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="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" 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="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" 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="18%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter <BR>01/01/2016 to 3/31/2016</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="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year <BR>01/01/2015 to 3/31/2015</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-939,450</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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,738,124</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-235,161</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,268,532</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the year attributable to controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-836,690</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Profit (loss) for the year attributable to non-controlling Shareholders</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,398</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-254</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>747,647</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>803,433</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-12,913</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-5,025</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>321,944</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>273,502</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-44,979</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-398,478</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>69,681</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-716,476</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>16,525</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>124,830</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-379,360</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,767,227</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Gain on derivatives</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>362</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>1,125</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,417</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>12,966</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,985</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-146,214</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT 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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>10,472</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,190</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-704,289</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-530,408</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-219,640</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-190,889</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,407</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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,701</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>443,691</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>190,195</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>62,152</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>33,391</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>4,098</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-5,535</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-59,340</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-20,832</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>14,283</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>33,168</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>39,744</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>173,390</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>508</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,709</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-932,279</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-726,040</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>12</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-49,099</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,276</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-887,053</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>413,490</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-329,832</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-338,026</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>466,758</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.04</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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-556,682</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>304,401</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.06</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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-105</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.07</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-11,938</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.02.08</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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" 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=bottom width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>75</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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" vAlign=bottom width="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-533</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,675</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="12%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="51%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-438,466</FONT></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%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,948,973</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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

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   <P style="MARGIN: 0in 0in 0pt"><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="18%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><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="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></DIV></DIV>

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<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><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></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2><BR>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>
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<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-26,770</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>391,156</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-215,756</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-1,597,317</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-549,829</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>Treasury shares</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-9,390</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-151,098</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-87,475</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>76,338</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>15,136</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-121,180</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-111,254</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.04</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-55,143</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>182,123</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>6.05</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,320,112</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>384,764</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" 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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>8,686,021</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><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: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>5,540,940</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 10pt" face=arial,sans-serif>9,070,785</FONT></P></TD></TR></TABLE></DIV>

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

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

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

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="82%" colSpan=8 noWrap>

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>Consolidated Financial Statements / Statement of Changes in Equity - 1/1/2016 to 03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" 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" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" 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="28%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>(R$ thousand)</FONT></B></P></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="9%" 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="9%" 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="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&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" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="21%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; 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>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; 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 style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; 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 style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-421,554</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,398</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-416,156</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5,398</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-831,292</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>415,136</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-183,286</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-183,286</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-183,286</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>85</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>85</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>85</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,353</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,353</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>32,353</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gain (loss) on 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="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>534,423</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>534,423</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>534,423</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Realization of cash flow hedge reclassified to statement of income</FONT></P></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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12,697</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12,697</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>12,697</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18,864</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18,864</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; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>18,864</FONT></P></TD></TR>

<TR>

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

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-608</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="7%" noWrap>

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-608</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US 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="7%" noWrap>

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; 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; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-836,690</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,075,152</FONT></P></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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7,243,193</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>1,075,706</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; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>8,318,899</FONT></P></TD></TR>

<TR>

   <TD width="7%">&nbsp;</TD>

   <TD width="21%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR></TABLE></DIV>

<P></P>

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

<P></P></DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 16 of 77</FONT></P></DIV>

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

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="100%" colSpan=15>

   <P style="MARGIN: 0cm 0cm 0pt"><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 03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="29%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>&nbsp;</TD>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" colSpan=3 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="7%">

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="10%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40pt; PADDING-TOP: 0cm" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Opening balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25,140</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>38,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Adjusted opening balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>25,140</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>38,507</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-284,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-284,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Treasury shares acquired</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-9,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-9,390</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.04.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Dividend</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-275,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-275,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>392,056</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>363,013</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>755,069</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>754,815</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Profit for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>392,056</FONT></P></TD>

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

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>392,056</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>391,802</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>363,013</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>363,013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>363,013</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Translation adjustments for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>176,771</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>176,771</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>176,771</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Actuarial (losses) gains on defined benefit pension plan, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>125</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>125</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>125</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>468,363</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>468,363</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>468,363</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.05.02.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>(Loss) gain on hedge accounting, net of taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

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

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-282,246</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-282,246</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>-282,246</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>5.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Closing balances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>846,908</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>392,056</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>388,153</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6,167,147</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>38,253</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>6,205,400</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">

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

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" colSpan=2>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

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<TR style="HEIGHT: 11.35pt">

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

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

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

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

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CONVENIENCE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE</FONT></B></FONT></B></FONT></FONT></P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>ITR &#8211;&#8211; </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Quarterly</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> Financial </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>Information</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> -</FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> </FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif>March</FONT></FONT><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif> 31, 2016 &#8211; CIA SIDERURGICA NACIONAL</FONT></FONT><FONT face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

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

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="Times New Roman"></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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="63%" colSpan=3 noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif><FONT style="FONT-SIZE: 12pt" face=Arial>Consolidated Financial Statements / Statement of Value Added</FONT></FONT></B></P>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="28%" colSpan=2 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="9%">

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

<TR style="HEIGHT: 38.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Code</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.5pt; PADDING-TOP: 0cm" vAlign=bottom width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.5pt; PADDING-TOP: 0cm" width="21%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current Quarter <BR>01/01/2016 to 3/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.5pt; PADDING-TOP: 0cm" width="19%" colSpan=2>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>YTD Previous Year <BR>01/01/2015 to 3/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,382,180</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,752,234</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Sales of products and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>4,395,407</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,698,184</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other revenues</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>260</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>61,898</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.01.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Allowance for (reversal of) doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-13,487</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,848</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Raw materials acquired from third parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-2,866,929</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,325,485</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Cost of sales and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-2,176,870</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,632,493</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Materials, electric power, outside services and other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-695,249</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-683,759</FONT></P></TD></TR>

<TR style="HEIGHT: 8.3pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.3pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.3pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Impairment/recovery of assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.3pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,190</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.3pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-816</FONT></P></TD></TR>

<TR style="HEIGHT: 3.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.02.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Impairment of available-for-sale assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,417</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Gross value added</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,515,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,426,749</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Retentions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-321,944</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-273,502</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.04.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Depreciation, amortization and depletion</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-321,944</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-273,502</FONT></P></TD></TR>

<TR style="HEIGHT: 3.7pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.05</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Wealth created</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>1,193,307</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.7pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,153,247</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Value added received as transfer</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-417,837</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,234,942</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>44,979</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>398,478</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Finance income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>243,154</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56,136</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-705,970</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,780,328</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.06.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other and exchange gains</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-705,970</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,780,328</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Wealth for distribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>775,470</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,388,189</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Wealth distributed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>775,470</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,388,189</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Personnel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>550,726</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>463,793</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Salaries and wages</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>442,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>367,509</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Benefits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>78,933</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>76,047</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.01.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Severance pay fund (FGTS) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>29,290</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>20,237</FONT></P></TD></TR>

<TR style="HEIGHT: 8.8pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.8pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.8pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Taxes, fees and contributions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.8pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>571,774</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.8pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-176,470</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Federal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>516,872</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-257,857</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>State</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>49,502</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>75,959</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.02.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Municipal</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,400</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,428</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>484,262</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,709,064</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.01</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Interest</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>868,089</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>860,186</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.02</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,962</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.03.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Other</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-388,838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,844,916</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 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: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Exchange losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-388,838</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,844,916</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Remuneration on Shareholders' capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-831,292</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>391,802</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.04.03</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Retained earnings (accumulated losses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>-836,690</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>392,056</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>7.08.04.04</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="47%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Non-controlling interests in retained earnings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>5,398</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="19%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-254</FONT></P></TD></TR>

<TR>

   <TD width="13%">&nbsp;</TD>

   <TD width="47%">&nbsp;</TD>

   <TD width="3%">&nbsp;</TD>

   <TD width="18%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="9%">&nbsp;</TD></TR></TABLE></DIV>

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

<a name="_bclFooter19"></a><DIV>

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

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 18 of 77</FONT></P>

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

<A name="page_20"></A>&nbsp;

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>
<IMG border=0 src="logo.gif"> </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT style="FONT-SIZE: 7pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=#002060 face=calibri,sans-serif>1Q16 Earnings Release </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the first quarter of 2016 (1Q16), which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. All comments presented herein refer to the Company&#8217;s 1Q16 consolidated results and comparisons refer to the fourth quarter of 2015 (4Q15) and the first quarter of 2015 (1Q15), unless otherwise stated. The Real/U.S. Dollar exchange rate was R$3.5583 on March 31, 2016 and R$3.9048 on December 31, 2015</FONT></P>

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

<DIV align=left>

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



<TR style="HEIGHT: 15pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="27%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Highlights</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" width="39%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 18.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 8pt" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="8%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Steel Sales (thousand t)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>1,407</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>1,</FONT></B><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>130</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>1,246</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>10%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>(11%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>- Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>63%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>57%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>52%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>(5%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>(11%)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>- Overseas Subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>37%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>42%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.7pt; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.7pt; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>8%</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>- Exports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>6%</FONT></P></TD>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>0%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,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" width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>Iron Ore Sales (thousand t)<SUP>1</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>5,442</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>6,656</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>8,295</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>25%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>52%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>- Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>13%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.75pt; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>12%</FONT></P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>- Exports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>99%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>93%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>87%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.25pt; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(6%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(12%)</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" width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</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" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Consolidated Results (R$ Million)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</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" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Net Revenue </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>4,010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>3,678</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>3,844</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>5%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(4%)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Gross Profit </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>985</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>767</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>926</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>21%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.45pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(6%)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.45pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Adjusted EBITDA</FONT><SUP><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>2</FONT></B></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>911</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>686</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>733</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>7%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.45pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(20%)</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" width="27%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Adjusted Net Debt<SUP>3</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>19,979</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>26,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>26,654</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>33%</FONT></P></TD></TR>

<TR style="HEIGHT: 7.05pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Adjusted Cash Position</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>12,251</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>8,862</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>6,472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(27%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.05pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(47%)</FONT></P></TD></TR>

<TR style="HEIGHT: 17.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="27%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Net Debt / Adjusted EBITDA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>4.8x</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>8.2x</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>8.7x</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>0.5x </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>3.9x </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 4pt" lang=EN-US face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif>1</FONT></SUP><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif> Iron ore sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the stake in Congonhas Min&#233;rios as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif>2</FONT></SUP><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif> Adjusted EBITDA is calculated based on net income/loss, before depreciation and amortization, income taxes, the net financial result, results from investees, and other operating income (expenses) and includes the proportional share of the EBITDA of the jointly-owned investees MRS Log&#237;stica and CBSI, as well as the Company&#8217;s 60% in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif>&#179; Adjusted Net Debt and Adjusted Cash and Cash Equivalents included 33.27% of the stake in MRS, 60% of the interest in Namisa and 50% of the stake in CBSI until November 2015. As of December 2015, they included 100% of Congonhas Min&#233;rios, 32.27% of MRS and 50% of CBSI, excluding Forfaiting and drawee risk operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 17.05pt">

   <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BACKGROUND: navy; HEIGHT: 17.05pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="100%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=white face=calibri,sans-serif>Closing Market Indicators on March 31, 2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>BM&amp;FBovespa (CSNA3): R$7.15/share</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="53%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Market Cap</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif> BM&amp;FBovespa: R$9.92 billion</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>NYSE (SID): US$1.97/ADR (1 ADR = 1 share)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="53%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Market Cap</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif> NYSE: US$2.73 billion</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="47%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Total no. of shares </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>= 1,387,524,047</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" vAlign=top width="53%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face=calibri,sans-serif></FONT></B>&nbsp;</P>

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   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" color=white face=calibri,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US color=white face=calibri,sans-serif>Macroeconomic Projections</FONT></B></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 3pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" color=white face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=white face=calibri,sans-serif>2016</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 3pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" color=white face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=white face=calibri,sans-serif>2017E</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="60%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>IPCA (%)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>7.00</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>5.62</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 8.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.2pt; PADDING-TOP: 0in" width="60%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>Commercial Dollar (EoP - R$)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.2pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>3.70</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.2pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>3.90</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 7.7pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0in" width="60%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>SELIC Target (EoP - %)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>13.00</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.7pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>11.75</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="60%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>GDP (%)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>(3.86)</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>0.50</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="60%">

   <P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>Industrial Production (%)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>(5.95)</FONT></FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: 115%; MARGIN: 0in 0in 0pt" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>0.74</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 6pt 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Source: FOCUS BACEN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base: 05/06/2016</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif>CSN&#8217;s Consolidated Results</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 13pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Net revenue </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>totaled R$3,844 million in 1Q16, 5% up on 4Q15 and 4% down on the same period last year. Regarding 4Q15, the increase was due to the higher sales volume in the steel and mining segments, offsetting the decrease in the average steel and mining prices, which suffered the additional impact of BRL appreciation. Compared with 1Q15, the reduction was a result of lower sales volume in the steel segment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>COGS</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif> amounted to R$2,918 million, in line with the previous quarter and 4% less than in 1Q15. The year-on-year reduction was mainly due to lower steel and mining segments unit costs</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>First-quarter </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>gross profit </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>came to</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>R$926 million, 21% more than in 4Q15, while the gross margin widened by 3p.p. to 24%. In comparison with 1Q15, gross profit fell by 6% and the gross margin narrowed by 1p.p., from 25% to 24%. </FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>Selling, general and administrative expenses</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif> totaled R$611 million in 1Q16, 12% and 49% up on </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>4Q15 and 1Q15, respectively, chiefly due to higher freight (related to distribution costs), due to the increase in iron sales and the higher CIF sales model, and personnel expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>Other operating income (expenses)</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>was a net expense of R$127 million in 1Q16, versus expense of R$214 million in 1Q15. Most of the amount in question referred to expenses with labor provisions and judicial deposits. The positive result registered in 4Q15 was due to the Business Combination effect in the mining segment.</FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>The proportional net financial result</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>was negative by </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>R$968 million in 1Q16, due to: i) </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>financial expenses (excluding the exchange variation) of</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif> R$890 million; ii) </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>the negative exchange variation result of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>R$329 million; and iii) financial revenue of R$251 million. &nbsp;</FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 13.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 13.75pt; PADDING-TOP: 0in" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Financial Result (R$ Million)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 13.75pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 13.75pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 13.75pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="64%">

   <P style="TEXT-INDENT: 18.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Financial Result - IFRS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(870)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(183)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(943)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="64%">

   <P style="TEXT-INDENT: 18.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>(+) Financial Result of Joint-Venture</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif></FONT></B><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>500 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(48)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(25)</FONT></B></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" width="64%">

   <P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(+) Namisa </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(34)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</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" width="64%">

   <P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(+) MRS </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(20)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(15)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(25)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="64%">

   <P style="TEXT-INDENT: 18.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(=) Proporcional Financial Result<SUP>1</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(370)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(231)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(968)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="64%">

   <P style="TEXT-INDENT: 36.15pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Financial Revenues</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>63 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>289</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>251</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="64%">

   <P style="TEXT-INDENT: 36.15pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Financial Expenses</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(433)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(531)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(1.219)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 45.2pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Financial Expenses (ex-exchange rates variation)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(878)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(483)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(890)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="64%">

   <P style="TEXT-INDENT: 54.2pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>Result with Exchange Rate Variation</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif></FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>445 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(48)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(329)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 63pt; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>Monetary and Exchange Rate Variation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif></FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>(482)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>245</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>949</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 63pt; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Hedge Accounting</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>428 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(140)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(566)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="TEXT-INDENT: 63pt; MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif>Notional Amount of Derivatives Contracted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=calibri,sans-serif></FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(153)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(713)</FONT></P></TD></TR>

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   <P style="TEXT-INDENT: 36.15pt; MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>Others</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>12</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,sans-serif>&#185; </FONT><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif>The proportional financial result considered stakes of 60% in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and stakes of</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif>100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015</FONT><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 20 of 77</FONT></P>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>CSN&#8217;s </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>equity result</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif> was a positive R$45 million in 1Q16, versus a negative R$55 million in 4Q15 and a positive R$398 million in 1Q15, chiefly due to MRS&#8217;s equity result in the 1Q16 and 4Q15, and Namisa&#8217;s equity result in the 1Q15. The table below presents a breakdown of this item: </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=white face=calibri,sans-serif>Share of profits (losses) of investees </FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=white face=calibri,sans-serif>(R$ Million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q15</FONT></B></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" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>Namisa</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>396 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(58)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</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" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>15 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>29 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>61 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>111%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>302%</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" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>CBSI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</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" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>TLSA</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(10%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(8%)</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" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>Arvedi Metalfer BR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</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" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>Eliminations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(11)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>18%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>173%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="40%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Share of profits (losses) of investees</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></B><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>398 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(55)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>45 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>-</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" face=calibri,sans-serif>(89%)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>CSN recorded a first-quarter </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>net loss </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>of R$831 million, versus net income of R$2,371 million in 4Q15 and net income of R$392 million in 1Q15. The worsening in this result, compared with 4Q15, is explained by the gains registered with the conclusion of the mining segment Business Combination last quarter. Regarding 1Q15, the lower result was due to the exchange rate variation result and taxes payment. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: white 1pt solid; BORDER-LEFT: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Adjusted EBITDA </FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>(R$ Million)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: white 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-TOP: white 1pt solid; BORDER-RIGHT: white 1pt solid; PADDING-TOP: 0in" width="36%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; BORDER-RIGHT: white 1pt solid; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.85pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.85pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>Profit (loss) for the Period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>392</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>2,371</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(831)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.85pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.15pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(-) Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.15pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>264</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.15pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>308</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.15pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>310</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>17%</FONT></P></TD></TR>

<TR style="HEIGHT: 10.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 10.15pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>(+) Income Tax and Social Contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(503)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>527</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>122</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(77%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 10.15pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 6.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(+) Finance Income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>870</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>183</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>943</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>416%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>8%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>EBITDA (ICVM 527)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,023</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>3,389</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>544</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; 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=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(84%)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; 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=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(47%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(+) Other Operating Income (Expenses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>214</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(2,913)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>127</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=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</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=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(41%)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.65pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.65pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>(+) Share of Profit (Loss) of Investees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.65pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(398)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.65pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>55</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.65pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(45)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.65pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.65pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(89%)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 7.75pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>(-) Proportionate EBITDA of Joint Ventures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.75pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>73</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.75pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>155</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.75pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>107</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(31%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>48%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>911</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>686</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>733</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>7%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(20%)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Adjusted EBITDA </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>amounted to R$733 million in 1Q16, 7% up on the previous quarter, but 20% down on 1Q15, accompanied by an adjusted EBITDA margin of 18.1%, 1.1 p.p. more than in 4Q15, but 3.4% less than in 1Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in">&nbsp;
<IMG border=0 src="fp21a.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=calibri,sans-serif>&#185; The adjusted EBITDA margin is calculated as the ratio between Adjusted EBITDA and Adjusted Net Income, which considers </FONT><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=calibri,sans-serif>stakes of 60% in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 21 of 77</FONT></P>

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<IMG border=0 src="logo2.gif"> </FONT></B></P>

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

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif>Debt&nbsp;&nbsp;&nbsp; </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>The adjusted amounts of EBITDA, Debt and Cash included the stakes of 60% in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI, as of December 2015, as well as financial investments used as collateral for exchange operations on the BM&amp;FBovespa. On March 31, 2016, consolidated net debt totaled R$26,654 million, while the net debt/EBITDA ratio, was 8.67x based on LTM adjusted EBITDA. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt">
<IMG border=0 src="fp4.gif"> </P>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>Net foreign exchange exposure generated by the difference in dollar-denominated assets and liabilities, contracted derivatives and hedge accounting booked by CSN totaled US$115 million on March 31, 2016. The derivatives contracted form a long USD position achieved through the purchase of NDFs (Non-Deliverable Forwards). </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif>The hedge accounting adopted by CSN correlates the projected export flows in dollars with part of the future debt maturities in the same currency. As a result, the exchange variation of part of dollar-denominated debt is temporarily recorded under shareholder&#8217;s equity, being transferred to the income statement when the dollar revenue from these exports is received.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="74%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Foreign Exchange Exposure<SUP>1,2</SUP></FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%">

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>03/31/2016<SUP>3</SUP></FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" width="74%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>(US$ Million)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" width="26%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>IFRS</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.55pt; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>Cash and cash equivalents overseas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.55pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif></FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,625 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.55pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,288 </FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Accounts Receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>170 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>321 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,795 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,610 </FONT></B></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" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Borrowings and Financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(4,569)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(4,466)</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" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Accounts Payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(20)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(7)</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" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(25)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Total Liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(4,615)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(4,479)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="74%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(2,820)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>(2,870)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0in" width="74%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.15pt; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif>Notional Amount of Derivatives Contracted, Net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=calibri,sans-serif></FONT><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,435 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.15pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,435 </FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Cash Flow Hedge Accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,558 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>1,549 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="74%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Net Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>173 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>115 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,sans-serif>&#185;As of the conclusion of the Business Combination, through asset transfers to Congonhas Min&#233;rios, CSN has been consolidating 100% of the new Company&#8217;s cash. As a result, a proportional view of foreign exchange exposure is no longer necessary.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,sans-serif>&#178;Proportional foreign exchange exposure includes the 60% stake in Namisa and excludes the stake in MRS.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US color=black face=calibri,sans-serif>&#179;IFRS foreign exchange exposure on March 31, 2015 includes the 100% stake in Congonhas Min&#233;rios and excludes the stake in MRS.</FONT></P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 22 of 77</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif>Capex</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif>CSN invested R$330 million in 1Q16 in the following projects:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Investments in the new clinker kiln in Arcos/MG, which will permit the Cement segment to reach competitive margins and scale gains in the Southeast region as a result of the clinker production self-sufficiency.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.25in"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Revamp of the coke batteries, reducing imported coke needs and improving the fuel rate.</FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Other projects designed to improve the environmental performance of the Presidente Vargas Plant and current investments in other operations. </FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif>Of total investments, R$54 million went to spare parts and R$155 million to current investments. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Investment (R$ Million)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="67%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Steel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>121</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>130</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>119</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="67%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Mining</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>116</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>62</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="67%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Cement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>90</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>218</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>139</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="67%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Logistics</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>19</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>10</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Others</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="67%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Total Investment IFRS </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>338 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>464 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=calibri,sans-serif>330 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif>Working Capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>In order to calculate working capital, CSN adjusts its assets and liabilities as shown below: </FONT></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Accounts Receivable: Excludes Dividends Receivable, Advances to Employees and Other Credits (Note 5 of the financial statements). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Inventories: Includes Estimated Losses and excludes Spare Parts which is not part of the cash conversion cycle, and will be subsequently booked under Fixed Assets when consumed. (Note 6 of the financial statements); </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Recoverable Taxes: Composed only of Income (IRPJ) and Social Contribution (CSLL) Taxes included in Recoverable Taxes (Note 7 of the financial statements);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Taxes Payable: Composed of Taxes Payable under Current Liabilities plus Taxes in Installments (Note 13 of the financial statements); </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Advances from Clients: Subaccount of Other Liabilities recorded under Current Liabilities (Note 13 of the financial statements);</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0in 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Suppliers: Includes Forfaiting and Drawee Risk (Note 11 of the financial statements).</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>As a result, working capital applied to the Company&#8217;s business totaled R$3,077 million in 1Q16, R$90 million less than in 4Q15, chiefly due to the R$472 million reduction in inventories, while accounts receivable increased by R$245 million. On a same comparison basis, the average receivable period increased by 6 days, while payment periods and inventory turnover fell by 4 and 14 days, respectively. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 12pt" lang=EN-US color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 23 of 77</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Working Capital (R$ Million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,145</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,869</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,664</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(205)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>519</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Accounts Receivable</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,901</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,501</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,746</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>245</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(155)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Inventories Turnover</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,107</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,092</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,621</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(472)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>514</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Advances to Taxes</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>137</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>276</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>298</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>22</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>161</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,306</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,703</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,587</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(115)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>281</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Suppliers</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,556</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,671</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,542</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(129)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(14)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Salaries and Social Contribution</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>214</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>257</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>245</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(12)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>31</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Taxes Payable</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>512</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>725</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>733</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>221</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Advances from Clients</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>51</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>67</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>16</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>43</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Working Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,839</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,166</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,077</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(90)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="17%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>238</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Turnover Ratio (days)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; 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" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>X</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Receivables</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>36</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Supplier Payment</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>46</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>48</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(4)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>2</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Investory Turnover</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>92</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>113</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; 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" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(14)</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>21</FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="32%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cash Conversion Cycle</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>82</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>105</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>101</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; 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" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(4)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; 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" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>19</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Results by Segment </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The Company maintains integrated operations in five business segments: steel, mining<SUP>3</SUP>, logistics, cement and energy. The main assets and/or companies comprising each segment are presented below<SUP>2</SUP>: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;
<IMG border=0 src="fp6.gif"> </FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 4pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#185; Namisa&#8217;s former assets.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#178; As of 2013, the Company ceased the proportional consolidation of its jointly-owned subsidiaries Namisa, MRS and CBSI. For the purpose of preparing and presenting the information by business segment, Management opted to maintain the proportional consolidation of its jointly-owned subsidiaries, as historically presented. For the reconciliation of CSN&#8217;s consolidated results, these companies&#8217; results are eliminated in the "corporate/elimination expenses" column.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#179; In order to report the Company&#8217;s 2015 results, after the combination of CSN&#8217;s mining assets (Casa de Pedra, Namisa and Tecar), the consolidated result includes all this new company&#8217;s information.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT></B>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 24 of 77</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>
<IMG border=0 src="logo2.gif"> </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><STRONG><FONT face=Calibri></FONT></STRONG>&nbsp;</P>

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<IMG border=0 src="fp7.gif"> </P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"></P>

<DIV align=left>&nbsp;</DIV><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT></B>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=PT-BR><BR clear=all></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

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<TR style="HEIGHT: 24.45pt">

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Results&nbsp;<FONT style="FONT-SIZE: 8pt" face=Calibri>1Q16</FONT> </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Mining </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Logistics (Port) </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Logistics (Railways) </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Energy </FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Corporate/ Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 24.45pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ Million) </FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,809 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>777 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>303 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>114 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>68 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(279)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,844 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,500 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>151 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>303 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>114 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>68 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(475)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,712 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign Market</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,309 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>626 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>196.7 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,132 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cost of Goods Sold</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,300)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(585)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(36)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(214)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(101)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(51)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>370 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,918)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>509 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>192 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>89 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>91 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>926 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Selling, General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(255)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(24)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(24)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(276)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(611)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>166 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>114 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>56 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(47)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>310 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportional EBITDA of Jointly Controlled Companies</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>107 </FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>107 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>420 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>283 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>121 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>15 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(124)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>733 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 25 of 77</FONT></P>

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

&nbsp; <A name="page_27"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>
<IMG border=0 src="logo2.gif"> </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center>&nbsp;</P>

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



<TR style="HEIGHT: 28.75pt">

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Results&nbsp;4Q15 </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Mining </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Logistics (Port) </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Logistics (Railways) </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Energy </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Corporate/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Eliminations </FONT></B></P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 28.75pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ Million) </FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,579 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>907 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>62 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>331 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>102 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>61 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(363)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,678 </FONT></B></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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,473 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>88 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>62 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>331 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>102 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>61 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(414)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,703 </FONT></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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign Market</FONT></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,106 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>819 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50.4 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,975 </FONT></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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cost of Goods Sold</FONT></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,267)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(598)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(42)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(207)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(89)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(50)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>341 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,912)</FONT></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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>312 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>309 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>20 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>124 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>10 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(22)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>767 </FONT></B></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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Selling, General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(267)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(22)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(5)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(23)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(199)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(544)</FONT></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" width="18%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>178 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>105 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(47)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>308 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; 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"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportional EBITDA of Jointly Controlled Companies</FONT></P></TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>155 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>155 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; 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"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>222 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>392 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>19 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>151 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(113)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>686 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Steel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to preliminary figures from the World Steel Association (WSA), global crude steel production totaled</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="trebuchet ms,sans-serif"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>386 million tonnes in 1Q16, 3.5% down on the same period last year, while the Brazilian Steel Institute (IABr) estimates a &nbsp;12.3% reduction in domestic output to 7.4 million tonnes (also preliminary figures). Domestic production of rolled products came to 5.1 million tonnes, 17.5% less than in 1Q15, while apparent consumption fell by 29.3% to 4.3 million tonnes, with domestic sales of 4.0 million tonnes and imports of 368,000 tonnes. On the other hand, exports increased by 17.1% in the same period, reaching 3.3 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2016, the IABr estimates an 8.8% decline in apparent consumption to 19.4 million tonnes, with domestic sales of 17.4 million tonnes and imports of 1.1 million tonnes.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to INDA (the Brazilian Steel Distributors&#8217; Association), 1Q16 steel purchases and sales by distributors fell by 18.3% and 13.0% over 1Q15 to 761,000 and 776,000 tonnes, respectively. Inventories closed the quarter at 906,800 tonnes, in line with the previous month, representing 3.1 months of sales.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Automotive</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to ANFAVEA (the Auto Manufacturers&#8217; Association), vehicle production totaled 482,000 units in 1Q16, 28% down on 1Q15. In the same period, new car, light commercial vehicle, truck and bus licensing fell by 29% to 481,000 units. The association estimates a reduction in vehicle sales of up to 7.5% in 2016 over 2015, to 2.37 million units, while FENABRAVE (the Vehicle Distributors&#8217; Association) expects a 6% reduction in vehicle sales.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Construction </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to SECOVI-SP (the S&#227;o Paulo Residential Builders&#8217; Association), during 1Q16 the residential real estate launches in the city of S&#227;o Paulo totaled 2,856 units, 30% up on the 1,418 units launched in the 1Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to ABRAMAT (the Construction Material Manufacturers&#8217; Association), sales of building materials in 1Q16 fell by 17.3% over the same period last year. The association revised its 2016 estimate to a real decline of 4.5%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Home Appliances</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Brazilian Institute of Geography and Statistics (IBGE), home appliance production </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face=calibri,sans-serif>accumulated</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> until march 2016 fell by 22% over the same period in 2015, while output in the last 12 months dropped by 20% over the same period a year before, reflecting the low level of business and consumer confidence.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 26 of 77</FONT></P>

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<IMG border=0 src="logo2.gif"> </FONT></B></P>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=PT-BR style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Steel Operations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The parent company&#8217;s slab production totaled 836,000 tonnes in 1Q16, 21% and 29% down on 4Q15 and 1Q15, respectively. It is worth noting that no slabs were purchased from third parties in 1Q16, versus 64,000 tonnes acquired in 4Q15. Flat rolled steel production came to 746,000 tonnes, 22% and 27% less than in 4Q15 and 1Q15, respectively.</FONT></P>

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

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<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Flat Steel Production (Parent Company)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.15pt">

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(Thousand tonnes)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15.15pt; BACKGROUND: navy; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.75pt">

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total Slabs (UPV + Third Parties)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.75pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,184</FONT></B></P></TD>

   <TD style="HEIGHT: 13.75pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,062</FONT></B></P></TD>

   <TD style="HEIGHT: 13.75pt; 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" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>836</FONT></B></P></TD>

   <TD style="HEIGHT: 13.75pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(21%)</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(29%)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.65pt">

   <TD style="HEIGHT: 14.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Crude Steel Production</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,115</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>998</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>835</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(16%)</FONT></P></TD>

   <TD style="HEIGHT: 14.65pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(25%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Third Parties Slabs</FONT></P></TD>

   <TD style="HEIGHT: 4pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>69</FONT></P></TD>

   <TD style="HEIGHT: 4pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>64</FONT></P></TD>

   <TD style="HEIGHT: 4pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 4pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 4pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 20.1pt">

   <TD style="HEIGHT: 20.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="31%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total Rolled Products</FONT></B></P></TD>

   <TD style="HEIGHT: 20.1pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,020</FONT></P></TD>

   <TD style="HEIGHT: 20.1pt; 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" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>952</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>746</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total steel product sales volume came to 1,246 thousand tonnes in 1Q16, 10% up on 4Q15. Of this total, 52% went to the domestic market, 42% were sold by our subsidiaries abroad and 6% went to exports. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>First-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>domestic </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>steel sales totaled 650,000 tonnes, 1% up on 4Q15, 611,000 tonnes of which flat steel and 38,000 tonnes long steel. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>First-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>foreign </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>sales amounted to 597,000 tonnes, 23% up on 4Q15. Of this total, the overseas subsidiaries sold 520,000 tonnes, 204,000 of which by LLC, 216,000 by SWT and 100,000 by Lusosider, while direct exports came to 78,000 tonnes. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In the first quarter, CSN increased its share of coated products as a percentage of total sales volume, following the strategy of adding more value to its product mix. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Domestic </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>sales of coated products such as galvanized items and tin plate accounted for 46% of flat steel sales, versus 45% in 4Q15. In the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>foreign market</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, the share of coated products moved up from 69% of flat steel sales to 77% in 1Q16.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$2,809 million in 1Q16, 9% up on 4Q15, chiefly due to the increase in domestic sales volume and sales by subsidiaries abroad. In 1Q16, average net revenue per tonne remained in line with 1Q15, totaling R$2,196.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$2,300 million in 1Q16, a slight 1% increase over 4Q15. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The parent company&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>production cost</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> reached R$1,343 million in 1Q16, 21% down on 4Q15, chiefly due to the decrease in the consumption of imported raw material as a result of the extinguishing of blast furnace 2 and the startup of coke batteries, thus <FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>reducing the fuel rate, in addition to the lower electricity consumption and a downturn in maintenance expenses. </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Slab production costs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$1,064/t, in line with 4Q15. In US dollars, however, the cost fell by 1.4%, from US$276/t, in 4Q15, to US$272/t. As a result, CSN maintained its position among those steel companies with the lowest slab costs in the world.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$420 million in 1Q16, 89% up on the R$222 million recorded in 4Q15, accompanied by an increase of 6p.p. in the margin, which widened from 9%, in 4Q15, to 15%. </FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Mining </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q16, the seaborne iron ore market was positively impacted by the greater availability of credit and the recovery of construction activities in China, led by investments in new real estate projects. The improvement in demand led to higher prices and healthier margins for the local steel producers, as well as encouraging the build-up of inventories. In addition, seasonal factors, such as higher rainfall in Australia and Brazil, as well as the rigorous Chinese winter, played an important role in reducing the iron ore supply base. As a result, iron ore prices moved up by 3.5% over the previous quarter, averaging US$48.30/dmt (Platts, 62% Fe, N. China).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Mining Operations</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore production </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled 7,326 thousand tonnes, 2% and 23% up on 4Q15 and 1Q15, respectively. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>First-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore purchases</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 617,000 tonnes, 58% down on 4Q15, but 7% up on 1Q15, chiefly due to the reduced availability of iron ore from small and medium-sized producers in this quarter.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Iron ore sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 8,295,000 tonnes<SUP>1</SUP> in 1Q16, 11% and 21% up on 4Q15 and 1Q15, respectively, thanks to an improved sales performance in the domestic market. Shipped iron ore volume totaled 6,988 thousand tonnes, 12% down on 4Q15, but 11% more than in 1Q15. Almost 1,047,000 tonnes from Congonhas Min&#233;rios were sold to UPV.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Production Volume and Mining Sales<SUP>2</SUP></FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(thousand t)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Iron Ore Production<SUP>1</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>5,938</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,218</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,326</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>23%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Third Parties Purchase</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>543</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,481</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>617</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(58%)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>14%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Production + Purchase</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,481</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,698</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,943</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(9%)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>23%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>UPV Transfer and Sale</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,428</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,257</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,047</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(17%)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(27%)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Third Parties Sales Volume</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>5,442</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,202</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,248</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>17%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>33%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Sales + Transfer</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,870</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,459</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,295</FONT></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>11%</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>21%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.75pt">

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 3.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Shipped Volume</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,282</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,939</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: #002060 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" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,988</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(12%)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; 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" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>11%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>from mining operations totaled R$777 million in 1Q16, 14% down on 4Q15, but 18% more than in 1Q15. The quarter-on-quarter decline was due to the reduction in the FOB price, which did not occur in 1Q15. FOB unit revenue came to US$28/t in 1Q16, 23% less than in 4Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In the first quarter, mining segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$585 million, in line with 4Q15 and 3% more than in 1Q15, due to the higher volume of iron ore sold in the quarter. In 1Q16, Casa de Pedra recorded a Chinese delivery cash cost excluding depreciation of US$31.2/wmt, 6% down on 4Q15. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$283 million in 1Q16, 28% down on the R$392 million recorded in 4Q15, while the adjusted EBITDA margin narrowed by 7 p.p., from 43%, in 4Q15, to 36%. </FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#262626 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1</FONT></SUP><SUP><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif> </FONT></I></SUP><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Production and sales volumes include the 100% stake in NAMISA until November 2015 and the 100% interest in Congonhas in December 2015.</FONT></I></P>

<P style="MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>2</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif> As of December 2015, Congonhas Min&#233;rios began selling iron ore to the Presidente Vargas Plant.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Logistics</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the ANTT (National Ground Transport Agency), the Brazilian rail container transport concessionaires transported 897,000 tonnes in 2016, 1.3% down on 1Q15. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Logistic Operations</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Railway Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: In 1Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$303 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$121 million and an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 40% </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Port Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: In the first quarter, Sepetiba Tecon handled 143,000 tonnes of steel products, in addition to 12,000 tonnes of general cargo and approximately 39,000 containers handled. First-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> stood at R$50 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$9 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 19%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

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   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="42%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Sepetiba TECON Highlights</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; 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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; 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" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.2pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Containers Volume (thousand units)</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>39</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>39</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>39</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Steel Products Volume (thousand t)</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>141</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>261</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>143</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(45%)</FONT></P></TD>

   <TD style="HEIGHT: 13.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.85pt">

   <TD style="HEIGHT: 13.85pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="42%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>General Cargo Volume (thousand t)</FONT></P></TD>

   <TD style="HEIGHT: 13.85pt; BORDER-BOTTOM: #002060 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>73</FONT></P></TD>

   <TD style="HEIGHT: 13.85pt; BORDER-BOTTOM: #002060 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 13.85pt; BORDER-BOTTOM: #002060 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" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>12</FONT></P></TD>

   <TD style="HEIGHT: 13.85pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>368%</FONT></P></TD>

   <TD style="HEIGHT: 13.85pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(84%)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-DECORATION: none" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Cement</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-DECORATION: none" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the IBGE&#8217;s Monthly Industrial Survey (PIM-PF), Brazil&#8217;s cement production fell by 17.0% in 1Q16 over 1Q15, handling with the construction industry performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Preliminary figures from SNIC (the Cement Industry Association) indicate domestic cement sales of 13.9 million tonnes in 1Q16, 14.7% less than in the same quarter the year before. For 2016 as a whole SNIC estimates respective annual declines of 12% to 15% in sales and 9% to 11% in apparent consumption. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results of CSN&#8217;s Cement Operations</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>cement sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> amounted to 571,000 tonnes, 15% up on 4Q15, while </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$114 million. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$8 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of 7%, due to the ramp-up of the new operations in Arcos, Minas Gerais. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement Highlights</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; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</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; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</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; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</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; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(thousand t)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</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; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q15</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</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; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q15</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Production</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>493</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>564</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>531</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(6%)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Sales</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>525</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>496</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>571</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>15%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8%</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Energy</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Energy Research Company (EPE), Brazilian electricity consumption totaled 121 TWh until March 2016, 4.2% less than the same period in 2015. Consumption in the industrial and residential segments fell by 7.5% and 2.5%, respectively, when the commercial segment decline 3.2%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Energy Operations</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> from energy operations totaled R$68 million, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$15 million and the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 23%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Capital Market </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>CSN&#8217;s shares appreciated by 78.8% in 1Q16, while the Ibovespa increased by 15.5% in the same period. Daily traded volume on the BM&amp;FBovespa averaged R$41.1 million. On the New York Stock Exchange (NYSE), CSN&#8217;s American Depositary Receipts (ADRs) moved up by 101.9%, versus the Dow Jones&#8217; 1.5% appreciation. On the NYSE, daily traded volume of CSN&#8217;s ADRs averaged US$2.7 million. </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Number of shares in thousand</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,387,524</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market Capitalization</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Closing price (R$/share)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7.15 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Closing price (US$/ADR)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1.97 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="84%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market Capitalization (R$ million)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9,921 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market Capitalization (US$ million)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,733 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total return including dividends and interest on equity</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>CSNA3 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>78.8%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.45pt">

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SID </FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>101.9%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Ibovespa</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>15.5%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Dow Jones</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1.5%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Volume</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (thousand shares)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7,251 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="84%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (R$ Thousand)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>41,089 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.45pt">

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="84%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (thousand ADRs)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,791 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="84%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (US$ Thousand)</FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; 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" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,725 </FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=PT-BR style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT lang=PT-BR style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Source: Bloomberg</FONT></I></P>

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<P style="TEXT-ALIGN: center; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(Expressed in thousands of reais &#8211; R$, unless otherwise stated)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>1.</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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>CSN is 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Steel:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s main industrial facility is the Presidente Vargas steelworks (&#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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Mining:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The production of iron ore is developed in the city of Congonhas, State of Minas Gerais. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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 accomplished </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>by Terminal de Carv&#227;o e Min&#233;rios do Porto de Itaguai - TECAR, a solid bulk terminal, one of the four terminals that compose the Port of Itaguai, located in Rio de Janeiro. Imports of coal and coke are held through this terminal and directed to the steel industry of CSN.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>From November 30, 2015 the Company has transferred its mining assets, together with its logistical infrastructure, which includes the mine Casa de Pedra and the right to operate the terminal TECAR, to its subsidiary Congonhas Min&#233;rios S.A. In the new structure Congonhas Min&#233;rios S.A. has taken control over Nacional Min&#233;rios S.A. (NAMISA) through a business combination transaction.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#180;s mining activities also comprises tin exploitation, which is based in the State of Rond&#244;nia, this facility 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Cement:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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 Steelworks (UPV) 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, located in the State of Minas Gerais, to satisfy the needs of UPV as of the cement plant. </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><I><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Railroads:</FONT></I></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has 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 (&#8220;RFFSA&#8221;)., Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;) and FTL - Ferrovia Transnordestina Log&#237;stica S.A. (&#8220;FTL&#8221;), which operate the former 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 rail links 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 rail links of S&#227;o Luiz-Mucuripe, Arrojado-Recife, Itabaiana-Cabedelo, Paula Cavalcante-Macau and Propri&#225;-Jorge Lins (Railway System I).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><I><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Ports</FONT></I><B><I><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>:</FONT></I></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In the State of Rio de Janeiro, by means of its subsidiaries Sepetiba Tecon S.A. and Congonhas Min&#233;rios S.A., the Company operates the Container Terminal (Tecon) and the solid bulk terminal (Tecar), respectively, both located at the Itagua&#237; Port. Established in the harbor of Sepetiba, the mentioned port has a privileged highway, railroad and maritime access. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Tecon is responsible for the shipments of CSN&#180;s steel products, movement and storage of containers, consolidation and deconsolidation of cargo; The Tecar&#180;s port terminal is engaged to the iron ore shipment overseas and to the landing of coal, petroleum, coke, sulfur and zinc concentrate for our own operation and for third parties.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Energy:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Since the energy supply is fundamental in CSN&#180;s production process, the Company owns and operates facilities to generate electric power for guaranteeing its self-sufficiency. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8220;</FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>note 24 - Segment Information</FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&#8221;</FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> details the financial information per each of CSN&#180;s business segment.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.</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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</FONT></B></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated condensed interim financial statements have been prepared and are being presented in accordance with the International Accounting Standards (IAS 34 &#8211; Interim Financial Reporting) issued by the International Accounting Standards Board (IASB), which correlate in Brazil is the CPC 21 (R1) (Interim Financial Statements and Consolidated Interim Financial Statements) issued by the CPC (Accounting Pronouncements Committee) and approved by CVM (Brazilian Securities Commission). All the relevant information required in the financial statements and only these information, are being highlighted and correspond to those used for the Company's management.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The significant accounting policies applied in these condensed interim financial statements are consistent with the policies described in Note 2 to the Company's financial statements for the year ended December 31, 2015, filed with the CVM. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>These condensed interim financial statements do not include all requirements of annual or full financial statements and, accordingly, should be read together with the Company's financial statements for the year ended December 31, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Therefore, in these condensed interim financial statements the following notes were not repeated, either due to redundancy or to relevance in relation to those already presented in the annual financial statements:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Note 02 - Summary of significant accounting policies</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Note 03 &#8211; Business Combination</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Note 09 &#8211; Investments</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Note 27 - Employee benefits</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Note 29 <FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8211;</FONT> Commitments</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>The consolidated and parent company interim financial statements for the period ended March 31, 2016 are being restated as detailed in note 2.e, which were approved by the Board of Directors on November 14, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.b) Basis of presentation</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The consolidated condensed interim financial statements are presented in Brazilian reais (R$), which is the mainly Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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 valuation on which items are remeasured. The asset and liability balances are translated at the exchange rate in effect at the end of the reporting period. As of March 31, 2016, US$1 is equivalent to R$3.5589 (R$3.9048 as of December 31, 2015), &#8364;1 is equivalent to R$4.0539 (R$4.2504 as of December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2.c) Basis of consolidation</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 35.4pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The accounting practices were treated uniformly in all the consolidated companies. The consolidated condensed interim financial statements for the period ended March 31, 2016 and the year ended December 31, 2015 include the following direct and indirect subsidiaries and jointly controlled entities, as well as the exclusive funds as described below:</FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 34 of 77</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=symbol><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Companies</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests (%)</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companies</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: 9pt" color=black face=arial,sans-serif>03/31/2016</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: 9pt" color=black 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: 9pt" color=black face=arial,sans-serif>Core business</FONT></B></P></TD></TR>

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

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

<TR style="HEIGHT: 9pt">

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Direct interest in subsidiaries: full consolidation</FONT></B></P></TD>

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

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

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

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

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

<TR style="HEIGHT: 9pt">

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands VII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Minerals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Export Europe, S.L.U. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Metals S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests and Financial transactions </FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Americas S.L.U. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests and Financial transactions </FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Steel S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests and Financial transactions </FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>TdBB S.A (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Mining and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Florestal do Brasil</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Manufacture of containers and distribution of steel products</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Manufacture of containers and distribution of steel products</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda. (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Management of funds and securities portfolio</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Mining and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 8.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 8.25pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Sale of electric power</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>89.79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>89.79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Nordeste Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="30%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="50%" colSpan=5>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Indirect interest in subsidiaries: full consolidation</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Sider&#250;rgica Nacional LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.94 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.94 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests and product sales</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Steel and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Acquisitions, Ltd. (1)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Resources S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Holdings (UK) Ltd (1)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%" align=center>

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Handel GmbH (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%" align=center>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Brasileira de Latas </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%" align=center>

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Sale of cans and containers in general and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>99.67 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%" align=center>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>99.67 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia de Embalagens Met&#225;licas - MTM </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>99.67 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%" align=center>

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>99.67 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Steel Holdings 1, S.L.U. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Productos Sider&#250;rgicos S.L.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Stalhwerk Th&#252;ringen GmbH </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Production and sale of long steel and related activities</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Steel Sections UK Limited (*)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Sale of long steel</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Steel Sections Polska Sp.Z.o.o </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Asia Limited </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Namisa International Min&#233;rios SLU </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Namisa Europe, Unipessoal Lda.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests, product and iron ore sales</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Mining GmbH (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions, product sales and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Namisa Asia Limited </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>87.52 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="30%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="50%" colSpan=5>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Direct interest in joint operations: proportionate consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Mining support services and Equity interests</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="30%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Direct interest in joint ventures: equity method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>18.64 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>18.64 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

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

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Aceros Del Orinoco S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>31.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>31.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Dormant company</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="31%" colSpan=2>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests and product sales and iron ore</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Transnordestina Log&#237;stica S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>56.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>56.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Railroad logistics</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Indirect interest in joint ventures: equity method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>16.30 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>16.30 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Railroad transportation</FONT></P></TD></TR>

<TR style="HEIGHT: 3pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 3pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="30%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Direct interest in associates: equity method</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 1.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="49%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9pt">

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Arvedi Metalfer do Brasil S.A. </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>20.00 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; HEIGHT: 9pt; PADDING-TOP: 0in" vAlign=top width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>20.00 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black 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: 9pt" color=black face=arial,sans-serif>Metallurgy and Equity interests</FONT></P></TD></TR>

<TR>

   <TD style="WIDTH: 30%">&nbsp;</TD>

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   <TD style="WIDTH: 9%">&nbsp;</TD>

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   <TD style="WIDTH: 9%">&nbsp;</TD>

   <TD style="WIDTH: 1%">&nbsp;</TD>

   <TD style="WIDTH: 49%">&nbsp;</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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(*) 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) Company liquidated in January 2016;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2) Company incorporated by CSN Mining Gmbh (subsidiary with indirect interest) on January 2016;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3) New corporate name of Namisa Handel Gmbh, amended in February 2016;</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 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: 9pt" face="Times New Roman">Page 35 of 77</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=symbol><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive funds</FONT></B></FONT></P>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests (%)</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Exclusive funds</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: 9pt" face=arial,sans-serif>03/31/2016</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: 9pt" 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: 9pt" face=arial,sans-serif>Core business</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" 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: 9pt" 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: 9pt" lang=EN-US face=arial,sans-serif>Diplic - Private credit balanced mutual fund</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US 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>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" 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="2%" noWrap>&nbsp;</TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Caixa V&#233;rtice - Private credit balanced mutual fund</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US 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><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" 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><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </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: 9pt" 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: 9pt" face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>BB Steel - Private credit balanced mutual fund</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" 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="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" 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="2%" noWrap>&nbsp;</TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund</FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>VR1 - Private credit balanced mutual fund</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" 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="8%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" 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><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" 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: 9pt" face=arial,sans-serif>Investment fund</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.d) Restatement of accounting balances</FONT></B></P>

<P style="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 116%" 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: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Trough out the financial year 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. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=symbol><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183; </FONT></FONT><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Drawee risk</FONT></B></FONT></P>

<P style="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>During the financial year 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 </FONT></FONT></P>

<P style="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company reclassified the balances of forfaiting transactions and drawee risk with commercial suppliers originally presented in cash flow on March 2015, as follows:</FONT></FONT></P>

<P style="LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a) Statements of cash flows at March 31, 2015</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</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></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="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"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&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>03/31/2015</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></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>&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>Originally Reported</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>Restated cash flows</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash generated by operating activities</FONT></B></P></TD>

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   <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>

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   <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" vAlign=bottom width="3%" 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>

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   <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>

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   <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>

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   <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></TR>

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   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit for the year attributable to the controlling shareholders</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="15%" 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>392,056 </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="16%" 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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>392,056 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></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: #dce6f1; 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>(118,373)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97,541 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,832)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Paid Interests</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(724,617)</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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,423)</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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(726,040)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; 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>2,092,940 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,092,940 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net cash generated by operating activities</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>&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="15%" 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>1,642,006 </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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96,118 </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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,738,124 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash used in investing activities</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>&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="15%" 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>413,490 </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="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="16%" 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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>413,490 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash generated by financing activities</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>&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>&nbsp;</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="16%" noWrap align=right>&nbsp;</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="16%" 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" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting funding / drawee risk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,136 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,136 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting amortization / drawee risk</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="15%" 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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,254)</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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,254)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; 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>(1,852,855)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,852,855)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net cash used in financing activities</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>&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="15%" 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>(1,852,855)</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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(96,118)</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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,948,973)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange rate changes on cash and cash equivalents</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>&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" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>182,123 </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="16%" 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="3%" 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>182,123 </FONT></B></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><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"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase in cash and cash equivalents</FONT></B></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; BORDER-TOP: windowtext 1pt solid; 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" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>384,764 </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>

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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></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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>384,764 </FONT></B></P></TD></TR></TABLE><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV></DIV>

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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>

<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="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"><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"><FONT style="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="16%" 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>03/31/2015</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></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>&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>Originally Reported</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; BORDER-TOP: windowtext 1pt solid; 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>

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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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" 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 cash flows</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash generated by operating activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="15%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit 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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>392,056 </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></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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>392,056 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(201,233)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>97,541 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(103,692)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Paid Interests</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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(555,887)</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>(1,423)</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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(557,310)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,449,353 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,449,353 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net cash generated by operating activities</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>&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="16%" 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>1,084,289 </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="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="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>96,118 </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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,180,407 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash used in investing activities</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>&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="16%" 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>(420)</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="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="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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash generated by financing activities</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>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>&nbsp;</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>&nbsp;</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="16%" 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" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting funding / drawee risk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" 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: #dce6f1; 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: #dce6f1; 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>15,136 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,136 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting amortization / drawee risk</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="16%" 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="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>(111,254)</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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,254)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,055,659)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,055,659)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net cash used in financing activities</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>&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="16%" 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>(1,055,659)</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="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="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>(96,118)</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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,151,777)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange rate changes on cash and cash equivalents</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>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="16%" 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>49,459 </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></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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,459 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="16%" noWrap align=right>

   <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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Increase in cash and cash equivalents</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>&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="16%" 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>77,669 </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="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="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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,669 </FONT></B></P></TD></TR></TABLE><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV></DIV></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>b) Statement of income and statement of comprehensive income at March 31, 2015</FONT></B></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company has not restated the others statements of March 2015 since the changes in those tables were not material.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2.e) Restatement of the Quarterly Financial Information for the three-month period ended March 31, 2016</FONT></B></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company voluntarily restated its 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 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>

<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 restatement did not change the Company&#8217;s consolidated results, as well as net equity, and was only a relocation between line items. The adjustments that generated the restatement of the financial statements for the fiscal year ended December 31, 2015, the initial balances for the three-month period ended March 31, 2016, are detailed in those restated 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="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The tables below show the impacts in the balances as of December 31, 2015 and March 31, 2016 between line items of our shareholders&#8217; equity:</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 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="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>December, 31 2015</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: 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>

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   <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></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt" align=center><FONT face=Calibri></FONT>&nbsp;</P>

<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>March, 31 2016</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>Loss for the period</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>(836,690)</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>- </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>(836,690)</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>Other comprehensive income</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>1,435,049 </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>1,075,152 </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; 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; 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><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>7,243,193 </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><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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,243,193 </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>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="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>1,075,706 </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>1,075,706 </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; 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; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,318,899 </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>&nbsp;</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>8,318,899 </FONT></B></P></TD></TR></TABLE></DIV></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>3.</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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt" align=left>&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; BACKGROUND: white; PADDING-TOP: 0in" width="35%" 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; PADDING-TOP: 0in" width="31%" colSpan=3 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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>Consolidated</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" colSpan=3 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="35%" 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" width="14%" 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>03/31/2016</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="3%" 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" width="14%" 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>

   <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="14%" 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>03/31/2016</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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: #dce6f1; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" 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: #dce6f1; PADDING-TOP: 0in" width="3%" 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: #dce6f1; PADDING-TOP: 0in" width="14%" 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: #dce6f1; PADDING-TOP: 0in" width="3%" 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: #dce6f1; PADDING-TOP: 0in" width="14%" 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: #dce6f1; PADDING-TOP: 0in" width="3%" 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: #dce6f1; PADDING-TOP: 0in" width="14%" 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" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and banks</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>666,948 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>434,014 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>26,453 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>37,003 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Short-term investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>In Brazil:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Government securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>59,915 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>165,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>22,921 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>164,311 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Private securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>273,750 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>945,420 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>189,108 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>570,284 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>333,665 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>1,110,940 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>212,029 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>734,595 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Abroad:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Time deposits</FONT></I></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>4,540,327 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>6,316,098 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>916,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>1,113,601 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total short-term investments</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>4,873,992 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" 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>7,427,038 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" 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>1,128,729 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" 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>1,848,196 </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="35%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents</FONT></B></P></TD>

   <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="14%" 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>5,540,940 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" 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>7,861,052 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" 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>1,155,182 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" 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>1,885,199 </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: left; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt" align=left></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The funds are managed by BNY Mellon 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. The investment in those funds was consolidated. </FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 39 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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 top rated banks and the returns are based on fixed interest rates.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>4.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; 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="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHORT-TERM INVESTMENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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 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 12 (b). The carrying amount of these financial investments totaled R$ 764,132 (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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>5.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; 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="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>TRADE RECEIVABLES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="27%" colSpan=3 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="25%" colSpan=3 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" width="45%" 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="12%" 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>03/31/2016</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="3%" 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" width="12%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</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="3%" 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" 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>12/31/2015</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="45%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Third parties</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="12%" 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; BACKGROUND: white; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: white; PADDING-TOP: 0in" width="12%" 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; BACKGROUND: white; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: white; PADDING-TOP: 0in" 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></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="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>946,045 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>772,617 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>512,785 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>425,108 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; 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; BACKGROUND: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>889,451 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>818,562 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>199,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>250,588 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,835,496 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,591,179 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>712,361 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>675,696 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" noWrap>

   <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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(165,188)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,733)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(123,764)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,502)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="45%" 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,670,308 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,439,446 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>588,597 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>563,194 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 17 b)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,241 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,366 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,064,915 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,140,172 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="45%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,745,549 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,500,812 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,653,512 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,703,366 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends receivable (Note 17 b) (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>747,033 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737,668 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to employees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>35,229 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,190 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,606 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,465 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="45%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,705 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,458 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,024 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="45%" 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,557 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,465 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>768,914 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>764,157 </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="45%" 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; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,816,106 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,578,277 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,422,426 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,467,523 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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$299,737 as of March 31, 2016 (R$232,275 as of December 31, 2015), less the trade receivables.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>&nbsp;</TD>

   <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="27%" colSpan=3 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%" colSpan=3 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" width="41%" noWrap>&nbsp;</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" 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>03/31/2016</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="3%" 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" width="12%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" 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>03/31/2016</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="3%" 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" 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>12/31/2015</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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,339,503 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,049,033 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>428,160 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>423,801 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Past-due up to 180 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>328,092 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>353,443 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>178,716 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>118,488 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Past-due over 180 days</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>167,901 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>188,703 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>105,485 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>133,407 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="41%" 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: white; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,835,496 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,591,179 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>712,361 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>675,696 </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="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 40 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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: left; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="44%" noWrap>&nbsp;</TD>

   <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="25%" colSpan=3 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="25%" colSpan=3 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" width="44%" noWrap>&nbsp;</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</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="3%" 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" 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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</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="3%" 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" 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>12/31/2015</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="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,733)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(127,223)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,502)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(93,536)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Estimated losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(35,631)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,216)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(26,288)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Recovery of receivables </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,442 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,121 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,954 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,504 </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%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Incorporation of CSN Cimentos and assets' drop down to Congonhas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="11%" 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: white; PADDING-TOP: 0in" width="3%" 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: white; PADDING-TOP: 0in" width="11%" 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: white; PADDING-TOP: 0in" width="3%" 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: white; PADDING-TOP: 0in" width="11%" 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; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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>2,818 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="44%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(165,188)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(151,733)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(123,764)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,502)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>6.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; 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="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVENTORIES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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" width="30%" 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="16%" 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" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Consolidated</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; 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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" width="15%" 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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" 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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" 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>Parent Company</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" 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>03/31/2016</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="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>03/31/2016</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <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: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finished goods</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,402,385 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>1,912,868 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>989,852 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>1,078,554 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Work in progress</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,023,012 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>1,007,630 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" 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>765,813 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>746,614 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>926,034 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>1,062,557 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>583,460 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>563,119 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Storeroom supplies </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>973,667 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>962,078 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" 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>516,295 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>489,816 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron ore </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>256,229 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>95,461 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>15,411 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>6,912 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,313 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>12,147 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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; PADDING-TOP: 0in" 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>6,386 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>6,191 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for losses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(96,808)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>(111,427)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>(42,940)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>(40,462)</FONT></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="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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,494,832 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="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>4,941,314 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="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="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>2,834,277 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="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>2,850,744 </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="16%" noWrap>&nbsp;</TD>

   <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="15%" noWrap>&nbsp;</TD>

   <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="15%" noWrap>&nbsp;</TD>

   <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="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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: 116%; MARGIN: 0cm 0cm 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" width="43%" noWrap>&nbsp;</TD>

   <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="26%" colSpan=3 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="25%" colSpan=3 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" width="43%" noWrap>&nbsp;</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</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="3%" 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" width="12%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</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="3%" 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" 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>12/31/2015</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="43%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,427)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(112,581)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,462)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(88,056)</FONT></B></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="46%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reversal / (losses) for slow-moving and obsolescence (note 22)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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>14,619 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,154 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,478)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,835 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Drop down of assets to Congonhas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" 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="3%" 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="12%" 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="3%" 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="11%" 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="3%" 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="11%" 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>31,759 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(96,808)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(111,427)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(42,940)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,462)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><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: left; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt" align=left>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 41 of 77</FONT></P>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

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   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>7.</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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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" width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="33%" colSpan=7 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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; PADDING-TOP: 0in" width="32%" colSpan=7 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" colSpan=4 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>Current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" colSpan=4 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>Non-current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" colSpan=4 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>Current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; 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>Non-current</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" 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="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>03/31/2016</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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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; 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>03/31/2016</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="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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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>03/31/2016</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="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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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>03/31/2016</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: 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: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Judicial deposits (note 15)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #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>

   <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="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>324,444 </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="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>328,542 </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="7%" 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%" 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="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: #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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>253,720 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>263,046 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Credits with the PGFN (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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; BACKGROUND: white; 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; 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>88,859 </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="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>87,761 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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; 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="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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; 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>88,859 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,761 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Recoverable taxes (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>933,627 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>996,679 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>446,826 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

   <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="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>445,926 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>687,038 </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="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>702,722 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>247,254 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,833 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>82,669 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,456 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,707 </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="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>28,119 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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; 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>49,284 </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="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>19,440 </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="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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,500 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial asset - related party (note 17 b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" 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="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="7%" 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="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="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>107,622 </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="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>114,433 </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>

   <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="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: #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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,468 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>112,660 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments (note 12 I)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </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="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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; 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="8%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #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>

   <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="7%" 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%" 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="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: #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>

   <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="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>110,075 </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>

   <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="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Securities held for trading (note 12 I)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>10,861 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778 </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="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,728 </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="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>10,659 </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="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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron ore inventory (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #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>

   <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="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>144,499 </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="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>144,499 </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>

   <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="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: #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>

   <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="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Northeast Investment Fund &#8211; FINOR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,888 </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="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>10,888 </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="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,452 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,452 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables (note 12 I)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #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>

   <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="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>11,249 </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="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>6,877 </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>

   <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="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: #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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,370 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,439 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans with related parties (note 17 b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>386,128 </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="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>373,214 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464 </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="8%" 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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>248,401 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,930 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other receivables from related parties (note 17 b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>11,263 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,420 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,145 </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="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>29,020 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>26,996 </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" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>32,479 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>314,797 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,441 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" 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; PADDING-TOP: 0in" 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>42,942 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,524 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,680 </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="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>14,642 </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="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,441 </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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,408 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" 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="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>1,081,362 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,286,449 </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="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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,591,047 </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="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>1,583,921 </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="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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>774,510 </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="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>875,375 </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="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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,284,762 </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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,281,470 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3) 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.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>8.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; 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="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INVESTMENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The information related to the description of activities of subsidiaries, jointly controlled entities, associates and other investments did not have changes in relation to that disclosed in the Company's financial statements as of December 31, 2015 and, accordingly, the Company decided not to repeat it in the condensed interim financial statements as of March 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%" face=symbol><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=PT-BR face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR face=Arial,sans-serif>Reduce of financial leverage</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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>

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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>03/31/2016</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>Companies</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>Number of shares held by CSN in units</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>% Direct equity interest</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>% Direct equity interest</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>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>Liabilities</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>Shareholders&#8217; equity</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>Profit / (loss) for the period</FONT></B></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" vAlign=bottom 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>Assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&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: 7pt" face=arial,sans-serif>Liabilities</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>Shareholders&#8217; equity</FONT></B></P></TD>

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   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" vAlign=bottom 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</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>Common</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&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: 7pt" face=arial,sans-serif>Preferred</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD></TR>

<TR>

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   <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>

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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>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US 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: 7pt" lang=EN-US 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><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" lang=EN-US 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: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>

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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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></TR>

<TR>

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   <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>

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<TR>

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   <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>

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   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>20,001,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>7,184,904 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>7,405,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>(220,473)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(260,473)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>535,768 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>3,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,120 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,120 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(209)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,329 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(13,313)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,763,610 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,690,617 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>72,993 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>51,002 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>3,179,151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>3,157,160 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>21,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,129 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,540 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>2,537,268 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>3,563,746 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>(1,026,478)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>68,608 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(163,227)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>4,880,911 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>277 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>4,880,634 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(278,036)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>5,644,572 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>5,643,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>361,209 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>3,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>996,055 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>8,939 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>987,116 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(111,855)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>199,939 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,116,163 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>6,265 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,109,898 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(103,895)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,220,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>6,620 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,213,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>175,297 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>3,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,943,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,671 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,941,478 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(118,682)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>114,374 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,845,517 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,748,748 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,096,769 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>175,046 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,866,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,856,618 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,009,546 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(145,990)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>254,015,052 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>395,731 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>130,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>265,388 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>4,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>6,723 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>65,020,211 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>500,839 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>164,885 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>335,954 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(4,876)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>500,519 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>159,689 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>340,830 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>25 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>108,655,326 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>33,088 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>13,772 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>19,316 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(2,975)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(1,456)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>92,459,582 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>176,950 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>46,542 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>130,408 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>172,283 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>42,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>130,076 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>3,397 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>313,651,399 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>758,147 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>568,898 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>189,249 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(23,684)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(26,240)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>16,493 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>12,934,361 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>5,640,853 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>7,293,508 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>43,372 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(2,274)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>43,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>71,419 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>18,968 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>52,451 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>6,241 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>87,316 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>27,471 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>59,845 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>7,913 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>353,190,644 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>89.79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>513,512 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>184,330 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>329,182 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(762)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>89.79 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>513,711 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>183,767 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>329,944 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(1,935)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>35,454,849 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>32,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>31,763 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(479)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>32,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>32,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(1)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>99,999 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>39,686,083 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>22,194,707 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>17,491,376 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(557,175)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>43,006,144 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>24,016,598 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>18,989,546 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>1,067,828 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="21%" colSpan=3 noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>396,481 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>253,606,846 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>294,923 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>44,530 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>250,393 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>2,289 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>932 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>26,611,282 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,673,312 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,478,659 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>891,808 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>586,851 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>30,613 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>15,232 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,876,146 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>14,414 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>13,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>960 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>1,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(1,975)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>50,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>50,370 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>38,254 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>12,116 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>1,514 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>2,612 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>22,761,085 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,397,545 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>4,290,979 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>3,026,922 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>1,264,057 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(6,987)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(7,569)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>659,105 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>6,129,345 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>4,014,968 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>2,773,482 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>28,845 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>6,101,080 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>3,976,940 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>2,783,245 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>405,713 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>27,239,971 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>211 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>54,402 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>53,363 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>1,039 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>54,402 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>53,363 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>1,039 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>211 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%" colSpan=2 noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>482,426 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>450,073 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>504,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

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   <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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>471,674 </FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(39,425)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>42,617 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(82,042)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>(32,085)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(1,366)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>883 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>25,594 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>41,251 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(17,025)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(31,202)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>20,795,518 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>(487,079)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>22,228,479 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>1,442,550 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" colSpan=5 noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" lang=EN-US face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>22,042,470 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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>23,323,565 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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>(1,246,952)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; BACKGROUND: #dce6f1; 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: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>20,795,518 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="6%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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: 7pt" face=arial,sans-serif>22,228,479 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt; 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></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 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: 0cm"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 43 of 77</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>8.b) <FONT style="FONT-SIZE: 9pt" face=Arial>Changes </FONT>of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0pt 0pt 0cm">&nbsp;</P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>&nbsp;</TD>

   <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="14%" 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>

   <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="15%" 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="14%" 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" width="35%" 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="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>03/31/2016</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="3%" 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" width="14%" 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>

   <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="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" 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>03/31/2016</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="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" width="14%">

   <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 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" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance of investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>3,998,227 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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" 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>13,665,453 </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: 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" 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>23,323,565 </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: 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" 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>24,199,129 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Opening balance of loss provisions</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" 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>&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" width="14%" 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>&nbsp;</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="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="15%" 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>(1,095,086)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>(1,088,559)</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="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment balance of Namisa 11/30/15 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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" 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>(10,160,981)</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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Capital increase/acquisition of shares </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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>3,575 </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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,828 </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="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>490,842 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Acquisition of Congonhas Min&#233;rios shares - 4.16%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="15%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" 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: #ddebf7; PADDING-TOP: 0in" width="14%" 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></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: 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" width="15%" 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></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: 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" 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>2,732,605 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital reduction </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>(466,758)</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="15%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>(546,796)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>193 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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" 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>(54,464)</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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>(824,726)</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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>(3,985,128)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive income (2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>32,443 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>(967,447)</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(131,984)</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="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(409,767)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive income - Business Combination</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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" 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></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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>1,584,779 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>53,864 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>1,192,034 </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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(487,079)</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="14%" 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; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Incorporation of subsidiary - CSN Cimentos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="15%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="3%" 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: #ddebf7; PADDING-TOP: 0in" width="14%" 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></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: 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" width="15%" 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></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: 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" width="14%" 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>(1,061,005)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transfer of shares - Namisa and MRS</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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>786,800 </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="15%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>(6,173,113)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer of assets - Casa de Pedra and Tecar</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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" 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></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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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></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: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>156,723 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" 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; PADDING-TOP: 0in" 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>15 </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="15%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance of investments</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>4,084,727 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>3,998,227 </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: 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>22,042,470 </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: 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>23,323,565 </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="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Balance of provision for investments</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" 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>&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" width="14%" 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>&nbsp;</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" 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>(1,246,952)</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>(1,095,086)</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="35%" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>4,084,727 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; PADDING-TOP: 0in" 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>3,998,227 </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: 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" 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>20,795,518 </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: 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" 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>22,228,479 </FONT></B></P></TD></TR></TABLE><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) In 2016 refers to the allocation of dividends from subsidiaries CSN Energia, It&#225; Energ&#233;tica, CSN Minerals and CSN Export.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(2) 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: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(3) 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="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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 align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="57%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap>&nbsp;</TD>

   <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="20%" 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="57%" 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="20%" 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>03/31/2016</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="3%" 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" width="20%" 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>03/31/2015</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="57%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity income of affiliates and joint ventures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" 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="3%" 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="20%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="20%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>396,481 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,210 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,060 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" 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; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,976)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,987)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,569)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" 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="20%" 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="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,268 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,775)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="20%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="57%" 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="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53,864 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>403,264 </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="57%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Eliminations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <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="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>To cost of sales </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,462)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,919)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>To net revenues </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>668 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>To taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,577 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="20%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="57%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity in results </FONT></B></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="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,979 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="20%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>398,478 </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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>8.c) Joint ventures and joint operations financial information</FONT></B></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>

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   <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; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" 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>03/31/2016</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>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" 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>

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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; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="22%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Venture</FONT></I></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="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Operation</FONT></I></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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="22%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Venture</FONT></I></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="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=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Operation</FONT></I></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>Equity interest (%)</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 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</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="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>CBSI</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" vAlign=bottom width="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>Transnordestina Log&#237;stica </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="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>It&#225; Energ&#233;tica</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>CGPAR </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 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>CBSI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0in" vAlign=bottom width="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>Transnordestina Log&#237;stica </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 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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>CGPAR </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="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="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34.94%</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50.00%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56.92%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>48.75%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50.00%</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" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34.94%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50.00%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>56.92%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>48.75%</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50.00%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" 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>Balance sheet</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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="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></FONT></B>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>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="1%" 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="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="6%" 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="6%" 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="5%" 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="6%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" 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: #dce6f1; 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: #dce6f1; 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>446,584 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,777 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>15,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,518 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>671,475 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,343 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,977 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>36,647 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,621 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,783 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>666 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>313 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,854 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>289 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>215 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>649,104 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,720 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>89,490 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>21,770 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47,844 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>657,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,726 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,540 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>17,137 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,358 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total 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="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" 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>1,105,471 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,414 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>182,504 </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 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" 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>37,517 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,417 </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; 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>1,335,329 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,358 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>143,517 </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 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" 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>53,999 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,060 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers</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="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" 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: #dce6f1; 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: #dce6f1; 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>674,019 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>168 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>256,272 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>41,647 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,698 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>533,897 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>280,718 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>32,880 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,087 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments, PP&amp;E and intangible assets</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="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>6,153,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,245 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,099,943 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>525,807 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,624 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,191,459 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,689 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,006,464 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>534,569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total non-current assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>6,827,505 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,413 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,356,215 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>567,454 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,322 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; 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>6,725,356 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,828 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,287,182 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>567,449 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47,087 </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="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total Assets</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="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>7,932,976 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,827 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,538,719 </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 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" 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>604,971 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,739 </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 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="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>8,060,685 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,186 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,430,699 </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 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" 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>621,448 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,147 </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="19%" 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="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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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 align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>786,707 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,752 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,511 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>844,296 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>167,112 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,849 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>762,374 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,408 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>290,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>88,997 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,946 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>893,883 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,794 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>250,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>33,667 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,281 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total 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="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" 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>1,549,081 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,408 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>334,272 </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 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" 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>88,997 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65,457 </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; 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>1,738,179 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,794 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>417,552 </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 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" 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>33,667 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,130 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,664,076 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,763,654 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,571 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,772,462 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,560,078 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,620 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other non-current liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>571,375 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>220,001 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>2,347 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>480 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>564,407 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,389 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>220,001 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>2,170 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,193 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>otal 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="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" 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>3,235,451 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,500 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,983,655 </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 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" 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>2,347 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,051 </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; 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>3,336,869 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,389 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,780,079 </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 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" 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>2,170 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,813 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders&#8217; equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>3,148,444 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,919 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,220,792 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>513,627 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,231 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>2,985,637 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,003 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,233,068 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>585,611 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,204 </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="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 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 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="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>7,932,976 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,827 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,538,719 </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 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" 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>604,971 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,739 </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 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="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>8,060,685 </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 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,186 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,430,699 </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 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" 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>621,448 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,147 </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="19%" 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="6%" 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="5%" 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="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" 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="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="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="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" 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="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="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="6%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" 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="39%" colSpan=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>01/01/2016 a 03/31/2016</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="39%" colSpan=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>01/01/2015 a 03/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="19%" 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; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="22%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Venture</FONT></I></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="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint-Operation</FONT></I></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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="22%" colSpan=5 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 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; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="19%" 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>Equity interest (%)</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 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>CBSI</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0in" width="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>Transnordestina Log&#237;stica</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 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>CGPAR</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="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>MRS Log&#237;stica</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>

   <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="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>CBSI</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>

   <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="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>Transnordestina Log&#237;stica</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 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>CGPAR</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="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="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34.94%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" 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" vAlign=bottom width="5%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" 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" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56.92%</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 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" vAlign=bottom 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>48.75%</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 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" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.00%</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; PADDING-TOP: 0in" vAlign=bottom 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>27.27%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" 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" vAlign=bottom width="5%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.00%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" 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" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62.64%</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 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" vAlign=bottom 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>48.75%</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 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" vAlign=bottom width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.00%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" 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>Statements of Income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; PADDING-TOP: 0in" vAlign=bottom width="5%" 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" vAlign=bottom 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" vAlign=bottom width="9%" 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" vAlign=bottom 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" vAlign=bottom 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; PADDING-TOP: 0in" vAlign=bottom width="9%" 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" vAlign=bottom 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" vAlign=bottom 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" 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" vAlign=bottom 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; PADDING-TOP: 0in" vAlign=bottom width="9%" 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" vAlign=bottom 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; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; PADDING-TOP: 0in" vAlign=bottom width="9%" 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" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>749,218 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>42,466 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,013 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>699,080 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,664 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>37,212 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,280 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(514,726)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(27,601)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" 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>(23,016)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(23,245)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(485,159)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(36,015)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" 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>(22,531)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,456)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>234,492 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,416 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>19,450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,768 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>213,921 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,351)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>14,681 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,824 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating (expenses) income </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>83,055 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,250)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,656)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(12,895)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,696)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(66,892)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,318)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,281)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(12,063)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,037)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net</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="BORDER-BOTTOM: windowtext 1pt solid; 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>(65,690)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(334)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,620)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" 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>551 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(281)</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="BORDER-BOTTOM: windowtext 1pt solid; 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>(59,282)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(281)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" 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)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" 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>268 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(495)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit before income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom 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>251,857 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,832 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,276)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>7,106 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,791 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>87,747 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,950)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,083)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>2,886 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,292 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 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 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="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>(87,621)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>(2,410)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,764)</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(31,890)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="5%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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="1%" noWrap align=right>&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>(975)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,069)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" 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" vAlign=bottom 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>164,236 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,832 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,276)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>4,696 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>55,857 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="5%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,950)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,083)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>1,911 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,223 </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: 116%; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.</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: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROPERTY, PLANT AND EQUIPMENT</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The information related to property, plant and equipment has not changed significantly compared to the disclosed in the Company's financial statements on December 31, 2015</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="31%" 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="69%" colSpan=13 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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>Consolidated</FONT></B></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="31%" 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Land</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Buildings and Infrastructure</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Machinery.<BR>equipment<BR>and facilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Furniture<BR>and fixtures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Construction<BR>in progress</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; 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>Other (*)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Total</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="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>264,289 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,696,126 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,109,272 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,986 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,199,386 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>563,540 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,871,599 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>264,289 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,436,458 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,638,117 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>183,086 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,199,386 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>811,535 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,532,871 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(740,332)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,528,845)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(144,100)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(247,995)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,661,272)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>264,289 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,696,126 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,109,272 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>38,986 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,199,386 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>563,540 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,871,599 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,242)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(10,389)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(44,919)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(226)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,264)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,496)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(62,536)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>89 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>22,785 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>237 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>289,441 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,280 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>329,832 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (notes 23 and 27)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>57,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,661 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Write-offs (note 22)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,178)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,786)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,966)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(27,946)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(268,969)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,496)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,201)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(307,612)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfers to other asset categories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,831 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(57,084)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,789)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Others</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>822 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,457 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,279 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at March 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>261,047 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,657,880 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,871,644 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,541 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,490,597 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>561,548 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,880,257 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>261,047 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,418,499 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>18,608,626 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>181,682 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,490,597 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>819,860 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>26,780,311 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(760,619)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,736,982)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(144,141)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(258,312)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,900,054)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at March 31, 2016</FONT></B></P></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 align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>261,047 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,657,880 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,871,644 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>37,541 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,490,597 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>561,548 </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 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,880,257 </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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 45 of 77</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="30%" 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: white; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Land</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Buildings and Infrastructure</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></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Machinery.<BR>equipment<BR>and facilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Furniture<BR>and fixtures</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Construction<BR>in progress</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; 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>Other (*)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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>Total</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="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2015</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>869,071 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,103,720 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,679 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,723,327 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,201 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,866,348 </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>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,025,848 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,677,122 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>118,301 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,723,327 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>159,914 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,787,862 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(156,777)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,573,402)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(100,622)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(90,713)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,921,514)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 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="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>869,071 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,103,720 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,679 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,723,327 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>69,201 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,866,348 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acquisitions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,372 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>212,862 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,724 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>236,057 </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: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (notes 23 and 27)</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" width="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>32,730 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,730 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Write-offs (note 22)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,581)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,590)</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: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation</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" width="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(125,824)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(734)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,594)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(134,178)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfers to other asset categories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(27,008)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="9%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,456 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,442 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at March 31, 2016</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>863,045 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,016,254 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,042 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,944,367 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,751 </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 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,995,809 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,025,846 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,715,489 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>117,997 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,944,367 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>170,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,057,827 </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: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</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" width="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(162,801)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(4,699,235)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(100,955)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(99,027)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,062,018)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at March 31, 2016</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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>83,350 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>863,045 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6,016,254 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>17,042 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,944,367 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>71,751 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,995,809 </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="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="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="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="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="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="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="9%" noWrap>&nbsp;</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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The breakdown of the projects that make up the work in progress is as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="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: white; PADDING-TOP: 0in" vAlign=bottom width="38%" 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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="3%" 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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="6%" 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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="3%" 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; BACKGROUND: white; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="4%" 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; BACKGROUND: white; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="3%" 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; BACKGROUND: white; 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>Consolidado</FONT></B></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="13%" 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: white; 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="38%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Project description</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%">

   <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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Start date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="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>Completion date</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="4%">

   <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="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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%">

   <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="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: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" vAlign=bottom width="38%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black 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="13%" noWrap>&nbsp;</TD>

   <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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,784 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,457 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>43,784 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>35,457 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of Casa de Pedra Mine capacity production. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&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" color=black face=arial,sans-serif>2007</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016/2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>740,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>709,945 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of TECAR export capacity. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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" color=black face=arial,sans-serif>2009</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>403,882 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>390,920 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>311,479 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>302,764 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <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" vAlign=bottom width="38%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,455,510 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,403,629 </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="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" vAlign=bottom width="38%">

   <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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #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" 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: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; 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" 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: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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="13%" noWrap>&nbsp;</TD>

   <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" vAlign=bottom width="38%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Equipment supply for use in the steel operation. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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" color=black face=arial,sans-serif>2008</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>93,493 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>105,697 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of the service center/Mogi. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&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" color=black face=arial,sans-serif>2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015/2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>15,022 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>14,950 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>453,514 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>375,579 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>562,029 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>496,226 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="38%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Construction of cement plants. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&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" color=black face=arial,sans-serif>2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,420,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,254,897 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap>&nbsp;</TD>

   <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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black 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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>8,361 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,177 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="38%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,429,274 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,264,074 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="54%" colSpan=3 noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total of construction in progress</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>&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="3%" 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="4%" 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 align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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>3,490,597 </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="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 align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,199,386 </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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) Estimated completion date of the Central Plant Step 1;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Estimated completion date of phase 60 Mtpa;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(3)</FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Estimated completion date of Mogi Service Center;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(4) Refers substantially to the reforming of batteries for coke ovens;</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(5)</FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Estimated completion date of the unit Arcos / Minas Gerais.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 46 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The estimated useful lives are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12.95pt">

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" 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: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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: 8pt" face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>12/31/2015</FONT></B></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="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>In Years</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%">

   <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; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%">

   <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; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%">

   <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></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="31%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Buildings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43 </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="31%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Machinery, equipment and facilities</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="15%" 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 </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="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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </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="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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </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="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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </FONT></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="31%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Furniture and fixtures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="31%" 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; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" width="15%" 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 </FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>9.a) Depreciation and amortization expense:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Additions to depreciation, amortization and depletion for the period were distributed as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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" width="28%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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" width="16%" 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>

   <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" width="16%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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" 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>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" 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>03/31/2016</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="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; PADDING-TOP: 0in" width="16%" 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>03/31/2015</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="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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" 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>03/31/2016</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="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; PADDING-TOP: 0in" 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>03/31/2015</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="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Production costs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,911 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>258,876 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131,468 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>202,412 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,274 </FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,300 </FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,810 </FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,778 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,651 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,322 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,247 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,139 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" 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="16%" 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>309,836 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>264,498 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>135,525 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>206,329 </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="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating expenses (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,108 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,004 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" 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="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: #dce6f1; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="28%" 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="16%" 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>321,944 </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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>273,502 </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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>135,525 </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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>206,329 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Refers to the depreciation of unused equipment and to the amortization of intangible assets, see note 22.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>10.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INTANGIBLE ASSETS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The information related to intangible assets did not have relevant changes in relation to that disclosed in the Company's financial statements as of December 31, 2015 and, accordingly, the Company decided not to repeat it in the condensed interim financial statements as of March 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></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="28%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="51%" colSpan=13 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>

   <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="20%" colSpan=5 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="28%" 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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</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="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" 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>Customer relationships</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="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" 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>Software</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="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" 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>Trademarks<BR>and<BR>patents</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="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" 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>Rights and licenses</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="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" 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>Others</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="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" 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>Total</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Goodwill</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="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" 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>Software</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="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" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></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; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,098,465 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>413,387 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,236 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>143,636 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>727,390 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>395 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,458,509 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,651 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,742 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,357,799 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>549,413 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 8pt" face=arial,sans-serif>173,154 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>143,636 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>727,390 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 8pt" face=arial,sans-serif>395 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,951,787 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 8pt" face=arial,sans-serif>14,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 8pt" face=arial,sans-serif>84,552 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 8pt" face=arial,sans-serif>98,687 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated amortization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(150,004)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(136,026)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(97,918)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(383,948)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,044)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,901)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(35,945)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjustment for accumulated recoverable value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" 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>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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%" 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="1%" noWrap 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: 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="1%" noWrap 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: 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="1%" noWrap 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: 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="1%" noWrap 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: 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 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="1%" noWrap 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: 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="1%" noWrap 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: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; 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; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,098,465 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>413,387 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; 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; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,236 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>143,636 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>727,390 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>395 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,458,509 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; 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; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091 </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; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,651 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; 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; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,742 </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="28%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>(18,361)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(37)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,640)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 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="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(18)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(25,056)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 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="1%" noWrap 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: 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="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions and expenditures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-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%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>6 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" 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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,491)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,841)</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%" 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="6%" 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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,332)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,347)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,347)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at March 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,098,465 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>383,535 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,364 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>136,996 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>727,390 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,419,127 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,304 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,395 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,357,799 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>524,084 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>170,930 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>136,996 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>727,390 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,917,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 8pt" face=arial,sans-serif>14,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84,552 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>98,687 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated amortization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(150,004)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(140,549)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(98,566)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(389,119)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,044)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(36,248)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,292)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjustment for accumulated recoverable value </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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%" 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%" 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: 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%" 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: 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%" 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: 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%" 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: 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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(109,330)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap 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: 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%" 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: 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="1%" noWrap align=right>&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; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at March 31, 2016</FONT></B></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" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,098,465 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>383,535 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,364 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>136,996 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>727,390 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,419,127 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,304 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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" vAlign=bottom width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,395 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The estimated useful lives for the current year are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; 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" width="24%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap>&nbsp;</TD>

   <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="17%" 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>

   <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="16%" noWrap>&nbsp;</TD>

   <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="17%" 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" width="24%" 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="17%" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" 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>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Software</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" 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 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="24%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Customer relationships</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" 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 </FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" 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 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap>&nbsp;</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: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 47 of 77</FONT></P>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>11.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>BORROWINGS, FINANCING AND DEBENTURES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of March 31, 2016 the balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<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="11%" 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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="53%" colSpan=9 noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Consolidated</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="32%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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" width="11%" 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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="17%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Rates p.a. (%)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="18%" colSpan=4>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Current liabilities</FONT></B></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%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="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="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>03/31/2016</FONT></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="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: 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>

   <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; 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>03/31/2016</FONT></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="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: 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>

   <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; 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>03/31/2016</FONT></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="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: 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0in" width="6%" 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>03/31/2016</FONT></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="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: 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>FOREIGN CURRENCY</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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" 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="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" 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: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment (*)</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="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1% to 3.5%</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>258,084</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>207,657</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,299,050</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,633,137</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>258,084</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>207,657</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,299,049</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,633,137</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment (*)</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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3.51% to 8%</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: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>294,991</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>286,487</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,125,900</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,429,716</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>346,027</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>372,474</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>8,451,354</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,272,766</FONT></P></TD></TR>

<TR>

   <TD style="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: 8.5pt" face=arial,sans-serif>Perpetual bonds</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="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7%</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,844</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,315</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,558,900</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,904,800</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>&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="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>&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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Fixed rate notes (*)</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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4.14% to 10%</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: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>49,305</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>175,768</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,038,019</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,910,992</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>78,243</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>32,402</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,697,023</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,056,347</FONT></P></TD></TR>

<TR>

   <TD style="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: 8.5pt" face=arial,sans-serif>Intercompany (*)</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="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Libor 6M to 3%</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>&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="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="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="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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,157,877</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,261,861</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,948,391</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,137,040</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting (**)</FONT></I></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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Libor + Spread</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: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>264,739</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>288,772</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>264,739</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>288,772</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" 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="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1.2% to 8%</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>104,315</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>115,594</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>305,784</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>425,635</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>&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="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>&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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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: 8.5pt" 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; 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: 8.5pt" face=arial,sans-serif>976,278</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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; 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: 8.5pt" face=arial,sans-serif>1,079,593</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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; 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: 8.5pt" face=arial,sans-serif>15,327,653</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>17,304,280</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>2,104,970</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>2,163,166</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>16,395,817</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>18,099,290</FONT></B></P></TD></TR>

<TR>

   <TD style="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"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>LOCAL CURRENCY</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="17%" 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="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="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="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="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="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="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>&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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>BNDES/FINAME</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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>1.3% + TJLP and fixed rate 2.5% to 6% + 1.5%</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: 8.5pt" 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="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>63,099</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>55,435</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,016,389</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,018,189</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>36,118</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,847</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>933,138</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>928,622</FONT></P></TD></TR>

<TR>

   <TD style="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: 8.5pt" face=arial,sans-serif>Debentures</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="17%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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: 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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>133,290</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>60,670</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,653,333</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,750,000</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>133,290</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>60,670</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,653,333</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,750,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment (*)</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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>109.5% to 116.5% CDI and fixed rate of 8%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>185,725</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>522,418</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,460,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,200,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>115,780</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>473,139</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,460,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3,200,000</FONT></P></TD></TR>

<TR>

   <TD style="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: 8.5pt" face=arial,sans-serif>CCB</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="17%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>112.5% and 113% CDI</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>88,538</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>92,976</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>88,538</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>92,976</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Intercompany (*)</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: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>110.79% CDI</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: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>40,623</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Drawee risk (**)</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="17%" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>39,221</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>84,063</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>&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="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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>39,221</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>84,063</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>&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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" 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="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6,229</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12,107</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&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: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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%" 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="17%" 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="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>509,873</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: 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: 8.5pt" face=arial,sans-serif>821,791</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: 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: 8.5pt" face=arial,sans-serif>15,329,722</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: 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: 8.5pt" face=arial,sans-serif>15,180,296</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: 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: 8.5pt" face=arial,sans-serif>453,570</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: 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: 8.5pt" face=arial,sans-serif>738,695</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>13,246,471</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>13,078,622</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="30%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Total borrowings and financing</FONT></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: 8.5pt" 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: #dce6f1; 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: 8.5pt" face=arial,sans-serif>1,486,151</FONT></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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>1,901,384</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>30,657,375</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>32,484,576</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>2,558,540</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8.5pt" face=arial,sans-serif>2,901,861</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>29,642,288</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>31,177,912</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%" colSpan=3 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Transaction costs and issue premiums</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(26,374)</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(26,703)</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(96,318)</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(76,742)</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(21,727)</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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(22,788)</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(89,365)</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(68,895)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" colSpan=3>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Total borrowings and financing + transaction costs</FONT></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: 8.5pt" 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="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,459,777</FONT></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="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,874,681</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" 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="7%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>30,561,057</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>32,407,834</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,536,813</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,879,073</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>29,552,923</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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" 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>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>31,109,017</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) The balances of prepaid related parties borrowings total R$5,376,489 as of March 31, 2016 (R$5,929,037 as of December 31, 2015) and the balances of Fixed Rate Notes and intercompany Bonds total R$3,775,266 (R$4,088,749 as of December 31, 2015), see note 17b.&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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) The balances of forfaiting and drawee risk operations totaled R$ 303,960 at March 31, 2016 (R$372,835 at December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Maturities of borrowings, financing and debentures presented in non-current liabilities</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of March 31, 2016, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures by its maturity date is presented as follows:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; 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" width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" 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="17%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" 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="17%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2017</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,240,173 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" 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%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,963,632 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</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>2018</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,691,969 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" 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%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,852,103 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16%</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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,295,446 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,555,468 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19%</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>2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,952,690 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" 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%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,886,901 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16%</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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,264,963 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" 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%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,933,977 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10%</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>After 2021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,653,234 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" 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%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,450,207 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29%</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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,558,900 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" 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%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" 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="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <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: white; PADDING-TOP: 0in" width="20%" 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" width="4%" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,657,375 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="4%" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" 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>100%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="4%" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,642,288 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="4%" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100%</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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"></FONT>&nbsp;</P>

<a name="_bclFooter54"></a><DIV>

<DIV style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 1pt">

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 48 of 77</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_52"></A>

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<a name="_bclHeader55"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Amortization and new borrowings, financing and debentures </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; 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" width="33%" noWrap>&nbsp;</TD>

   <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="13%" noWrap>&nbsp;</TD>

   <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="14%" 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>

   <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="14%" noWrap>&nbsp;</TD>

   <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="14%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" 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; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" 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>03/31/2016</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="3%" 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" width="14%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" 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>03/31/2016</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="3%" 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" width="14%" 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: #dce6f1; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,282,515 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>30,354,058 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>33,988,090 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>29,560,826 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funding transactions</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>978,206 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>40,239 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>2,694,533 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting funding / Drawee Risk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76,338 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>924,706 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>76,338 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>924,706 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Repayment</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(215,756)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,850,077)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(100,410)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,542,921)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Charges &#8211; payments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(121,180)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,146,306)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(121,180)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,146,306)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting payments</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(932,279)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,957,762)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(671,713)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,656,208)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Forfaiting charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,064)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,064)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision of charges</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>803,347 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,052,164 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>661,722 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,996,662 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision charges Forfaiting / Drawee Risk</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,961 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,032 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,961 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,032 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (1)</FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,874,112)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>5,932,558 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>(1,785,311)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>3,161,830 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="33%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Closing balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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 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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,020,834 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="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>34,282,515 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="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>32,089,736 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="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>33,988,090 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) Includes interests, unrealized foreign exchange and monetary gains and losses.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In first quarter of 2016, the Group amortized loans as shown below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm; MARGIN: 0cm 0cm 0pt"><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%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Amortization</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="66%" 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>Transaction</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Payment of principal</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Debt charges</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed Rate Notes </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>105,178 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>329,767 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Debentures </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; 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>88,118 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bank Credit Bill </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>268,831 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Export Credit Note </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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>65,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; 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>211,380 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pre - Export Payment </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>34,032 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>25,114 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNDES/FINAME </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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>8,517 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; 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>8,310 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="66%" 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; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>3,029 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; 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>759 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="66%" 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; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; 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>215,756 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; 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>932,279 </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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCIAL INSTRUMENTS </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The information related to financial instruments did not have significant changes compared to what was disclosed in Company's financial statements as of December 31, 2015 and, accordingly, the Company decided not to repeat it fully in the condensed interim financial statements as of March 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>I - Identification and measurement of financial instruments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term investments, marketable securities, trade receivables, trade payables, and borrowings and financing. The Company also enters into derivative transactions, especially exchange and interest rate swaps.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 49 of 77</FONT></P>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" 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: 116%; MARGIN: 0cm 0cm 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>

<DIV align=left>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<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="19%">

   <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>

   <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="4%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0in" width="30%" colSpan=7>

   <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" width="1%">&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="6%" 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>03/31/2016</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="28%" colSpan=7>

   <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" width="1%">&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="6%" 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; 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>Notes</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>Available for sale</FONT></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="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" lang=EN-US face=arial,sans-serif>Fair value through profit or loss</FONT></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="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="7%">

   <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>Loans and receivables - effective interest rate</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" rowSpan=2 width="6%">

   <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>Other liabilities - amortized cost method</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%">

   <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="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>Balances</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>Available for sale</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" lang=EN-US face=arial,sans-serif>Fair value through profit or loss</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="7%">

   <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>Loans and receivables - effective interest rate</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" rowSpan=2 width="6%">

   <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>Other liabilities - amortized cost method</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%">

   <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="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>Balances</FONT></B></P></TD></TR>

<TR>

   <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="2%">&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="2%">&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%">&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%">

   <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="4%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" 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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="6%" align=right>

   <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="19%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" 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="2%" 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="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" 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%" 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%" 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%" 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%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="7%" 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%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" 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" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>5,540,940 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>5,540,940 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>7,861,052 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>7,861,052 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 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: 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="4%" 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>4 </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="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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>764,132 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>764,132 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>763,599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>763,599 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>1,745,549 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,745,549 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>1,500,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,500,812 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</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="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 </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="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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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>118,592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>118,592 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading securities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>10,861 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>10,861 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>10,778 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>10,778 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; 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" 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="4%" 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 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" 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></FONT></B>&nbsp;</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; 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>10,861 </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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>8,050,621 </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 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" 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></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 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" 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>8,061,482 </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 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" 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></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 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" 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>129,370 </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 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" vAlign=bottom 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>10,125,463 </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 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" 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></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 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" 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>10,254,833 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" 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</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="4%" 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 align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>11,249 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>11,249 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>6,877 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>6,877 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments</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="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>504,027 </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="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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>504,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>471,674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>471,674 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans - related parties</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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" color=#4f81bd face=arial,sans-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>386,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>386,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-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>373,214 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>373,214 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; 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" 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="4%" 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 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" 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>504,027 </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; 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></FONT></B>&nbsp;</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>397,377 </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 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" 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></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 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" 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>901,404 </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 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" 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>471,674 </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 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" 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></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 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" vAlign=bottom 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>380,091 </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 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" 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></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 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" 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>851,765 </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="19%" 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="4%" 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 align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>504,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>10,861 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>8,447,998 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>8,962,886 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>471,674 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>129,370 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>10,505,554 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>11,106,598 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">&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="4%" 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 align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#ff0000 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" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><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" 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="4%" 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 align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,486,151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,486,151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,901,384 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,901,384 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</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="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13 </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="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 align=right>&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>40,027 </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="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>40,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>26,257 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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>26,257 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</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; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,235,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,235,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,293,008 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,293,008 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 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: 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" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>464,793 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>464,982 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>464,982 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#ff0000 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" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; 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>40,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>3,186,361 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>3,226,388 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>26,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>3,659,374 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>3,685,631 </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="19%" 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="4%" 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 align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing </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="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11 </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="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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>30,657,375 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>30,657,375 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>32,484,576 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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>32,484,576 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16.05pt; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#ff0000 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" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>30,657,375 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>30,657,375 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" 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>32,484,576 </FONT></B></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" vAlign=bottom 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" 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>32,484,576 </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="19%" 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="4%" 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 align=right>&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 align=right>&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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&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="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&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="1%" noWrap align=right>&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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>40,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>33,843,736 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>33,883,763 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>26,257 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>36,143,950 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="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; 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>36,170,207 </FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Short-term investments as collateral with foreign exchange transactions on the BM &amp; F (derivatives)</FONT></FONT></P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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 align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.1pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" rowSpan=2 width="39%">

   <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>

   <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="2%">

   <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: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: #000000 1px solid; PADDING-TOP: 0in" 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>12/31/2015</FONT></B></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" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%">

   <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="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%">

   <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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="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>Balances</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%">

   <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="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="2%">

   <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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances</FONT></B></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="39%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="9%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%">

   <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 style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="39%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial assets at fair value through profit or loss </FONT></B></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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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></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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trading securities</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%">

   <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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,861 </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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,861 </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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778 </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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,778 </FONT></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="39%">

   <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</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="9%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" align=right>&nbsp;</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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Available-for-sale financial assets</FONT></B></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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="2%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="8%" 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></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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>504,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>504,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>471,674 </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="39%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,888 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,888 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>482,452 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>601,044 </FONT></B></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" vAlign=bottom width="39%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</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="39%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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" 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <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 style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="39%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Financial liabilities at fair value through profit or loss</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; 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" 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; 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" 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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; HEIGHT: 12.95pt; 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" 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; 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" 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; 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" 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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></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" vAlign=bottom width="39%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </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="39%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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></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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 50 of 77</FONT></P>

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   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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><EM> &nbsp;</EM></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of March 31, 2016, there was no impairment recorded and the gain from the change in share price of the period was recorded in other comprehensive income (as of March 31, 2015, the impairment recorded amounted to R$ 8,417):</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</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" color=black face=arial,sans-serif>Class of shares</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Quantity</FONT></B></P></TD>

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   <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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="22%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

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   <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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="22%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Variation in the quarter</FONT></B></P></TD></TR>

<TR style="HEIGHT: 33.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; 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: 33.75pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing Balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; 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: 33.75pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Closing Balance</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; 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; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Share price</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Variation in the carrying amount</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Common</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,390,300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; 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: 11pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.09 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>291,986 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>286,989 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.07 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,997 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Preferred</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>105,215,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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: 14.25pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.81 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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: 14.25pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>190,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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: 14.25pt; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1.55 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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: 14.25pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>163,084 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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; HEIGHT: 14.25pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>0.26 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; 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: 14.25pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>27,356 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black 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; HEIGHT: 15pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>176,606,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; 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: 11pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 15pt; 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" color=#000000 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; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>482,426 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; PADDING-TOP: 0in" width="8%" 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; HEIGHT: 15pt; 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" color=#000000 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; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>450,073 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 15pt; 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" color=#000000 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; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,353 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of March 31, 2016, the Company's shareholding equity in USIMINAS was 14.13% in the common shares and 20.69% in preferred shares.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of March 31, 2016 the carrying amount recorded in other comprehensive income for investments available for sale is R$32,280 (R$ (73) as of December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III - Financial risk management</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of March 31, 2016, there were no changes in the financial risk management policies in relation to those disclosed in the Company's financial statements for the year ended December 31, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.a) Foreign exchange and interest rate risks</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><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;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exchange rate risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The exchange rate risk arises from the existence of assets and liabilities generated in US dollars or Euros is called natural currency exposure. Net exposure is the result of offsetting the natural currency exposure by hedging instruments adopted by CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The consolidated net exposure as of March 31, 2016 is as follows:</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</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" color=black face=arial,sans-serif>03/31/2016</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>Foreign Exchange Exposure</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="4%" 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" width="21%">

   <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 in US$&#8217;000)</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="4%" 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; PADDING-TOP: 0in" width="21%">

   <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 in &#8364;&#8217;000)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents overseas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" 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>1,288,486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,745 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>314,526 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,029 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,514 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,537 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</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="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,609,526 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,311 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,465,939)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(96,641)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,435)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,301)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,896)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,168)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</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="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,479,270)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(173,110)</FONT></B></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>Foreign exchange exposure</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,869,744)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="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" vAlign=bottom width="21%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(85,799)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Notional amount of derivatives contracted, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" 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>1,435,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=top width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,549,333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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" vAlign=bottom width="21%" 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></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=top width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net Investment hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>96,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=top width="50%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net foreign exchange exposure</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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; PADDING-TOP: 0in" vAlign=bottom width="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>114,589 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="4%" 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; PADDING-TOP: 0in" vAlign=bottom width="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>10,201 </FONT></B></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><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;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Interest rate risk</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Item 12 b) shows the derivatives and hedging strategies to protect exchange and interest rates risks.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.b) Hedging instruments: derivatives and hedge accounting</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Portfolio of derivative financial instruments</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black 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" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD></TR>

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   <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>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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   <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%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" colSpan=3>

   <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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; PADDING-TOP: 0in" 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>Fair value<BR>(market)</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; 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" lang=EN-US face=arial,sans-serif>Impact on finance income (cost) in 2016</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="8%">

   <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>

   <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; 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>Maturity</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: windowtext 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Functional Currency</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: windowtext 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount</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: windowtext 1pt solid; 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><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>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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><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>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts receivable / (payable)</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: windowtext 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount</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: windowtext 1pt solid; 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><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>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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><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>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; 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><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts receivable / (payable)</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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" noWrap>

   <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; 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="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2/5/2016</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar</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>1,435,000 </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></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>(39,164)</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>(39,164)</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>1,435,000 </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>110,075 </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></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>110,075 </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>(681,176)</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 noWrap>

   <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; 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>&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>1,435,000 </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></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>(39,164)</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>(39,164)</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>1,435,000 </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>110,075 </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></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>110,075 </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>(681,176)</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%" 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>

   <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%" 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>

   <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"><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; 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="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></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>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar</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></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></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></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></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>39,450 </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>154,017 </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>(147,674)</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>6,343 </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>(5,339)</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>BNPP</FONT></I></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="10%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>04/08/2016 to 06/02/2016 </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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar</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>36,550 </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>130,145 </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>(131,008)</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>(863)</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>18,700 </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>73,007 </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>(71,703)</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>1,304 </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>(2,167)</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 noWrap>

   <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; 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>&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>36,550 </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>130,145 </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>(131,008)</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>(863)</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>58,150 </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>227,024 </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>(219,377)</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>7,647 </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>(7,506)</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%" 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>

   <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%" 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>

   <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"><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%" noWrap>&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></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>

   <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></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></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></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></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>150,000 </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>189,760 </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>(200,680)</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>(10,920)</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>(137)</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%" 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="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></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="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></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></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></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></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>185,000 </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>233,125 </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>(247,710)</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>(14,585)</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>(153)</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>Deutsche Bank</FONT></I></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="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></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>

   <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></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></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></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></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>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>12,579 </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>(13,331)</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>(752)</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>(9)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="22%" colSpan=4 noWrap>

   <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; 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></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></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></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></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>345,000 </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>435,464 </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>(461,721)</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>(26,257)</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>(299)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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="10%" 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>&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%" noWrap>

   <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%" 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="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></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="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></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></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></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></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>33,396 </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>(33,232)</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>164 </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>(14)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" noWrap>

   <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%" noWrap>&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></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>

   <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></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></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></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></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>120,000 </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>133,508 </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>(132,802)</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>706 </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>(49)</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 interest rate- to-CDI 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%" 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>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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="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="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></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></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></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></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>150,000 </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>166,904 </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>(166,034)</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>870 </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>(63)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%" 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="10%" 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>&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>

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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>130,145 </FONT></B></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>(170,172)</FONT></B></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>(40,027)</FONT></B></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>939,467 </FONT></B></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>(847,132)</FONT></B></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>92,335 </FONT></B></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>(689,044)</FONT></B></P></TD></TR>

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<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>During April 2016 the Company reassessed its hedging strategy to adapt it to the foreign exchange exposure of future payments and receipts to the US dollar. As a result, there was a readjustment of the volume in the portfolio of derivative financial instruments and of future dollar. In this context, the Company decided not to renew the future dollar operations that matured on May 2, 2016.</FONT></FONT></P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 52 of 77</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Classification of the derivatives in the balance sheet and statement of income</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></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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>03/31/2016</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="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>Instruments</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="32%" 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="36%" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%">

   <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: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" rowSpan=2 width="11%">

   <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>Finance income and expenses, net (Note 23)</FONT></B></P></TD></TR>

<TR>

   <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; PADDING-TOP: 0in" width="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>Current</FONT></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="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>Non-current</FONT></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>Total</FONT></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>Current</FONT></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <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="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <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="2%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Future Dollar BM&amp;F</FONT></I></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="9%" 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: #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="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: #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="9%" 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: #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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,164 </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="11%" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,164 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(681,176)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to- euro swap</FONT></I></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="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>863 </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="11%" 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="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>863 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,506)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fixed rate- to- CDI swap (*)</FONT></I></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" 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="9%" 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></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" 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="10%" 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></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" 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="9%" 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></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" 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="9%" 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></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" 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="11%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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="11%" 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></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" 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="11%" 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>(299)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI -to- fixed rate swap (*)</FONT></I></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="9%" 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></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="10%" 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></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="9%" 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></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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></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="11%" 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>(63)</FONT></P></TD></TR>

<TR>

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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></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></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></FONT></B></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="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="9%" 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: #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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></B></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></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></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </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>

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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>(689,044)</FONT></B></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>12/31/2015</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="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>03/31/2015</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>Instruments</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="32%" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%">

   <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="36%" 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="2%">&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=2 width="11%">

   <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>Finance income and expenses, net (Note 23)</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: 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="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>Non-current</FONT></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>Total</FONT></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="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>Current</FONT></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <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="3%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <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="2%">&nbsp;</TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to-CDI swap</FONT></I></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: #dce6f1; PADDING-TOP: 0in" width="9%" 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: #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="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>

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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></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></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="11%" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" 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: #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="11%" 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="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- real NDF</FONT></I></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="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>436,600 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Future Dollar BM&amp;F</FONT></I></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="9%" 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; 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="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: #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="9%" 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; 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="9%" 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: #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="11%" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" 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: #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="11%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- euro NDF</FONT></I></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="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,454 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to- euro swap</FONT></I></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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,647 </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="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: #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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,647 </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="9%" 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: #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="11%" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" 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: #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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,568 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fixed rate- to- CDI swap</FONT></I></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="9%" 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></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="10%" 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></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="9%" 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></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="9%" 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>26,257 </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="11%" 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="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,479)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI -to- fixed rate swap</FONT></I></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" 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="9%" 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>870 </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="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: #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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>870 </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="9%" 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: #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="11%" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="11%" 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: #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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>354 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </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="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" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,592 </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="9%" 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="11%" 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="3%" 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="11%" 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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>481,479 </FONT></B></P></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" 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="11%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif></FONT></FONT></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(*) The positions of swap transactions were settled in February and March 2016.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 53 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Hedge accounting &#8211; cash flow</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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 has been 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. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The table below shows a summary of the hedging relationships as of March 31, 2016:</FONT></FONT></P>

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   <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="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="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="8%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></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="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Designation Date</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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; 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" color=black face=arial,sans-serif>Hedging Instrument</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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedged item</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of hedged risk</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedged period</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rate on designation</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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="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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Amortizated part (USD'000)</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="7%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Impact on finance income (cost) (*)</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"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black 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="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/11/2014</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.4442</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #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" color=#000000 face=arial,sans-serif>500,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(557,350)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/12/2014</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="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2015- February 2019 </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" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.5601</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" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>175,000 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,667)</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: 8pt" color=#000000 face=arial,sans-serif>(12,697)</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(158,144)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/18/2014</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>May 2020 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2.6781</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#ffffff 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" color=#ffffff face=arial,sans-serif></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#ffffff 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></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(88,085)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/21/2015</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="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>July 2019 - March 2021</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" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.1813</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" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(22,656)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/23/2015</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>July 2019 - March 2021 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.2850</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(27,390)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/23/2015</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="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </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" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.2850</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" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(8,217)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/24/2015</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3254</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>100,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(23,350)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/27/2015</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="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </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" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3557</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" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,000 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,080)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/27/2015</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3557</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>70,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(14,224)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/27/2015</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="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </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" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3557</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" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,096)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>07/28/2015</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3815</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,322)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/8/2015</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="10%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-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" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</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" width="8%">

   <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>(1) </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" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3940</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" width="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(9,000)</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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,484 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3/8/2015</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-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" lang=EN-US color=black face=arial,sans-serif>Export prepayments in US$ to third parties</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. US$ spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>October 2018 - October 2022 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.3940</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" width="7%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>355,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(58,540)</FONT></P></TD></TR>

<TR>

   <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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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="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; 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="13%" 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>

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   <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="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="8%">

   <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; 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="8%" 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; 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="7%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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; 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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,566,000 </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 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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(16,667)</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 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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,697)</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 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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(972,970)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(*) The effect on the financial result was recorded in net foreign exchange rates.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1) During the designation on August 2015, we reviewed the future export projections and identified that the amount of US$ 9 million designated previously were not highly probable due to Platt&#8217;s quotation reduction. Therefore, the hedge relationship was discontinued from August 2015. The exchange rate of the effective period remains recorded in Stockholders' Equity until the time of debt settlement. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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="MARGIN: 0cm 0cm 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: 9pt" face="Times New Roman">Page 54 of 77</FONT></P>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The movements in the hedge accounting amounts recognized in shareholders&#8217; equity as of March 31, 2015 are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

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<TR style="HEIGHT: 14.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="49%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Movement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; 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: 8pt" color=black 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; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Realization</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; 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" color=black 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; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></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="49%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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: #dce6f1; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,520,090 </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="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(534,423)</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="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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,697)</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="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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>972,970 </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="49%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Income tax and social contribution on cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(516,831)</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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>181,704 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(335,127)</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="49%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Not recorded Income tax and social contribution on cash flow hedge accounting</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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>357,951 </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="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(181,704)</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="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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></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="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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>176,247 </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="49%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Cash flow hedge accounting </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,361,210 </FONT></B></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(534,423)</FONT></B></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,697)</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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>814,090 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of March 31, 2016 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Net investment hedge in foreign subsidiaries</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CSN has foreign exchange exposure in Euros arising from a loan made by a foreign subsidiary 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 the 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As from September 1st, 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 March 31, 2016 are:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

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<TR>

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   <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="15%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="21%" 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="12%" 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="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="2%" 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: 8pt" color=black face=arial,sans-serif>03/31/2016</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" color=black face=arial,sans-serif>Designation Date</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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; 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" color=black face=arial,sans-serif>Hedging Instrument</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" color=black 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="21%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedged item</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of hedged risk</FONT></B></P></TD>

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   <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="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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rate on designation</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"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; 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" color=black face=arial,sans-serif>Designated amounts (EUR'000)</FONT></B></P></TD>

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   <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="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%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on shareholders' equity</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/9/2015</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Non-derivative financial liabilities in EUR &#8211; Debt contract</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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="21%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Investments in subsidiaries which EUR is the functional currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. EUR spot rate</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US 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: #dce6f1; PADDING-TOP: 0in" width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4.0825</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,284)</FONT></P></TD></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>01/31/2016</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="15%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Non-derivative financial liabilities in EUR &#8211; Debt contract</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="21%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Investments in subsidiaries which EUR is the functional currency</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" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Foreign exchange - R$ vs. EUR spot rate</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" width="10%" 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)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(24,000)</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

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<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" color=black face=arial,sans-serif>Total</FONT></B></P></TD>

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   <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>

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   <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>

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   <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>

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   <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>

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   <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>

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   <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="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" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>96,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 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" vAlign=bottom width="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,284)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1) In January 2016 it was settled the portion of debt designated as a hedge instrument.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Changes in amounts related to net investment hedge as of March 31, 2016 are presented below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; BACKGROUND: lime"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<TR style="HEIGHT: 14.1pt">

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</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" color=black 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" color=black face=arial,sans-serif>Movement</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" color=black 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" color=black face=arial,sans-serif>Realization</FONT></B></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" color=black 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; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net Investment hedge accounting</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>20,148 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,864)</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></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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,284 </FONT></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Fair value of net investment hedge in foreign operations</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" 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>20,148 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,864)</FONT></B></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></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: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,284 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On March 31, 2016 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.c) Sensitivity analysis</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>We present below the sensitivity analysis for currency risk and interest rate.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of Derivative Financial Instruments and consolidated Foreign Exchange Exposure</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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 March 31, 2016. </FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The currencies used in the sensitivity analysis and its scenarios are shown below:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" 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; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" 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; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" 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; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" 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; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="14%" 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; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" 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; HEIGHT: 11.25pt; 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" color=#000000 face=arial,sans-serif>03/31/2016</FONT></B></P></TD></TR>

<TR style="HEIGHT: 22.5pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Exchange rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Probable scenario</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Scenario 2</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>USD</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.5589 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.5555 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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>4.4486 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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>5.3384 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.0539 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.0914 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; 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>5.0674 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; 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>6.0809 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>USD x EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.1385 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="19%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.1569 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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>1.4231 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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>1.7078 </FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif>The effects on income statement, considering both scenarios are shown below:</FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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="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=bottom width="11%" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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="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="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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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="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><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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: 8pt" color=black face=arial,sans-serif>Instruments</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" color=black face=arial,sans-serif>Notional</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" color=black face=arial,sans-serif>Risk</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" color=black face=arial,sans-serif>Probable scenario (*)</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" color=black face=arial,sans-serif>Scenario 1</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" color=black face=arial,sans-serif>Scenario 2</FONT></B></P></TD></TR>

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   <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>

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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black 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" color=black 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" color=black 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" 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: #dce6f1; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black 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" color=black 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" color=black face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Future d&#243;llar</FONT></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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" 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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,597)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,276,755 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,553,511 </FONT></P></TD></TR>

<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black 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: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 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: 8pt" color=black 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><FONT style="FONT-SIZE: 8pt" color=black 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: 8pt" color=black 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 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" color=#000000 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Hedge accounting of exports</FONT></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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,549,333 </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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(6,042)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,378,481 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,756,961 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency position</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,869,744)</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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>11,192 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(2,553,283)</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(5,106,566)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>(not including exchange derivatives above)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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 color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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 color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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 color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" lang=EN-US color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" lang=EN-US color=#000000 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%" 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 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="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="15%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</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="10%" 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" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>114,589 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; 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" color=#000000 face=arial,sans-serif>(447)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>101,953 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" 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: #dce6f1; 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" color=#000000 face=arial,sans-serif>203,906 </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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</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 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="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="15%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</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="10%" 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" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Net Investment 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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>96,000 </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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Euro</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,600 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>97,293 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>194,590 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency position</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(85,799)</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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Euro</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(3,217)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(86,955)</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(173,913)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 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" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated exchange position</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,201 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Euro</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; BORDER-TOP: windowtext 1pt solid; 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" color=#000000 face=arial,sans-serif>383 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,338 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" 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: #dce6f1; 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" color=#000000 face=arial,sans-serif>20,677 </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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(including exchange derivatives above)</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 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="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="15%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>&nbsp;</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="10%" 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" vAlign=bottom width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" color=#000000 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%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar-to-euro swap</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>36,550 </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: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Dollar</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(1,979)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(7,889)</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(12,170)</FONT></P></TD></TR></TABLE><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=Arial,sans-serif>(*) The likely scenarios were calculated considering the following changes to the risks: Real x Dollar - Real apreciation of 0.10% / Real x Euro &#8211; Real depreciation of 0.93% / Dollar x Euro - Dollar depreciation of 1.62%. Source: Banco Central do Brasil and Central Bank of Europe on May 03, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of changes in interest rates</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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 March 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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<TR style="HEIGHT: 12.75pt">

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" width="31%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Impact on profit or loss</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in interest rates</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&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" color=black face=arial,sans-serif>% p.a</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&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>Probable scenario (*)</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>Scenario 1</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" 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>Scenario 2</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>7.50 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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" color=#000000 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(51,562)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>(19,925)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>(39,850)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Libor</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>0.90 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(480,451)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>(13,283)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>(26,566)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CDI</FONT></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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>14.13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>918,879 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>(466,454)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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: 10pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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>(932,908)</FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(*) The sensitivity analysis is based on the assumption of maintaining as probable scenario the market values at March 31, 2016 recorded in the Company&#180;s assets and liabilities.</FONT></FONT></P><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif></FONT>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>12.d) Liquidity risk</FONT></B></FONT></P>

<P style="MARGIN: 0cm 0cm 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The following table shows the contractual maturities of financial liabilities, including accrued interest.</FONT></FONT></P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>&nbsp;</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" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" 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; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" 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; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" 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; PADDING-TOP: 0in" width="3%" 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; PADDING-TOP: 0in" width="12%" 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" vAlign=bottom width="28%" noWrap>

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At March 31, 2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Less than one year</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>&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="12%">

   <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>From one to two years</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>&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="12%">

   <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>From two to five years</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>&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="12%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Over five years</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%">

   <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; PADDING-TOP: 0in" width="12%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings, financing and debentures</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,486,151 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,932,142 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,513,099 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,212,134 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,143,526 </FONT></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="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="3%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,027 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,235,417 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,235,417 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="28%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 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: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>464,793 </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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></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="12%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464,793 </FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><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%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Fair values of assets and liabilities as compared to their carrying amounts</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; 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 style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="18%" 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; HEIGHT: 11.25pt; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; 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: 11.25pt; PADDING-TOP: 0in" width="17%" 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; HEIGHT: 11.25pt; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></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="22%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="18%">

   <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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="17%">

   <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</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="17%">

   <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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="17%">

   <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</FONT></B></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" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual bonds</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,563,744 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,451,681 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,910,115 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,330,685 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed Rate Notes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,087,324 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,646,390 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,086,760 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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; HEIGHT: 12.95pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,915,310 </FONT></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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>13.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER PAYABLES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The group of other payables classified in current and non-current liabilities is comprised as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></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; BACKGROUND: white; PADDING-TOP: 0in" width="40%" 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" width="30%" colSpan=7 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="29%" colSpan=7 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="40%" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" colSpan=4 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>Current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" colSpan=4 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>Non-current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" colSpan=4 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>Current</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; 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>Non-current</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="40%" 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><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>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="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><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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" 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" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: 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" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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" vAlign=bottom width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>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="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><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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" 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" color=black 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: #dce6f1; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Payables to related parties (note 17 b)</FONT></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>6,722 </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>6,798 </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>240 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>116,760 </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>110,106 </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>101,209 </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>118,653 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments (note 12 I)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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>40,027 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" width="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,257 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" 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: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" 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: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" width="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: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" width="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: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" 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: white; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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" 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="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds (1)</FONT></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="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="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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,164 </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="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="40%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends and interest on capital payable to non-controlling shareholders (2)</FONT></P></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>464,793 </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>464,982 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,262 </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>2,262 </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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances from customers</FONT></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>66,781 </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>49,505 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,055 </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>40,988 </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="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes in installments</FONT></P></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>24,675 </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>24,237 </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>86,533 </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>87,890 </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>9,385 </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>9,207 </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>1,575 </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>1,476 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit sharing - employees</FONT></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>218,088 </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>171,695 </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></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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>152,181 </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>121,423 </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="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision for freight</FONT></P></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>25,060 </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>105,104 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,986 </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>10,190 </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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provision industrial restructuring</FONT></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>103,353 </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>122,854 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,639 </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>74,382 </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="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes payable</FONT></P></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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,530 </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>7,805 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,052 </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>6,321 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other provisions</FONT></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>27,474 </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>30,784 </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></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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,106 </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>10,289 </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="40%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables</FONT></P></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>69,289 </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>70,801 </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>41,015 </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>35,589 </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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,423 </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>7,465 </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="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="40%" 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>1,046,262 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,073,017 </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>148,318 </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>131,284 </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="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>456,961 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>411,699 </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>109,836 </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>126,450 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Refers to derivative transactions managed by exclusive funds.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(2)</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></FONT><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Dividends payable by the subsidiary Congonhas with settlement scheduled for November 30, 2016.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<a name="_bclFooter63"></a><DIV>

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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 57 of 77</FONT></P>

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&nbsp; <A name="page_61"></A>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<a name="_bclHeader64"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>14.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INCOME TAX AND SOCIAL CONTRIBUTION </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>14.a) Income tax and social contribution recognized in profit or loss:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The income tax and social contribution recognized in profit or loss for the year are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; 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 style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="14%" noWrap>&nbsp;</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="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</FONT></B></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="14%" noWrap>&nbsp;</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="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" width="38%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" 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; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2015</FONT></B></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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0in" 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; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2015</FONT></B></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="38%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution income (expense)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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" 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; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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" 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; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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" 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; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="38%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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>(52,529)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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>(213,959)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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>(51)</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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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>(156,765)</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="38%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deferred</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="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(69,681)</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>716,476 </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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,331)</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></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="14%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>694,546 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="38%" 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: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>(122,210)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>502,517 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>(29,382)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>537,781 </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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 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" width="42%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Consolidated</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="13%" 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="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black 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" width="42%" 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="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2015</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: 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="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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=bottom width="13%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2015</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="42%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss before income tax and social contribution</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" 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>(709,082)</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(110,715)</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(807,308)</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(145,725)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="42%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax rate</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="42%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution at combined statutory rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" 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>241,088 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,643 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,485 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,547 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="42%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Adjustment to reflect the effective rate:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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="13%" 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="13%" 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="13%" 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="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,293 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>135,483 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(165,607)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>490,467 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit with differentiated rates or untaxed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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>(176,452)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>341,267 </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="13%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transfer pricing adjustment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,172)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(241)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(241)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Tax loss carryforwards without recognizing deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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>(448,216)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,830)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(434,432)</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" vAlign=bottom width="13%" 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="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Indebtdness limit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,211)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,718)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,211)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,718)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred taxes on temporary differences - non computed (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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>304,991 </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" vAlign=bottom width="13%" 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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>305,359 </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" vAlign=bottom width="13%" 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="42%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred taxes on foreign profit</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="13%" 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>(6,798)</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" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <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="42%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other permanent deductions (add-backs)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" 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>1,267 </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,913 </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24 </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,726 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="42%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution in profit for the period</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" 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>(122,210)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>502,517 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,382)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>537,781 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="42%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Effective tax rate</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>-17%</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>454%</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="13%" 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%</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>369%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp;(1) As from third quarter of 2015 the Company no longer computes income tax and social contribution credits on tax losses and temporary differences.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 58 of 77</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2><BR>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

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<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>14.b) Deferred income tax and social contribution:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" 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; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" 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; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <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="12%" 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="12%" 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="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>Consolidated</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="46%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</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"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%" 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>Movement</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px 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: normal" 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-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" 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="12%" 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>

   <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 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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>Comprehensive<BR>income</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: 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-TOP: windowtext 1pt solid; 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: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>P&amp;L</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: #000000 1px solid; BORDER-BOTTOM: #000000 1px 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: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred tax assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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><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" 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: #ddebf7; 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><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="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: #ddebf7; 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><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" 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: #ddebf7; 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><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" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax loss carryforwards</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>264,161 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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"><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="12%" 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>281,519 </FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>545,680 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Negative basis of social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>106,654 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,373 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>208,027 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,936,212 </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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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="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>(427,425)</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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,508,787 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>231,054 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,379)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>228,675 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,501 </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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>345 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,846 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Asset impairment losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,711 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,997 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73,708 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,884 </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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,127)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,757 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- (Gains)/losses on financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(5,454)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>642 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,812)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- (Gains)/losses on available-for-sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>947,989 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,000)</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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>936,989 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Income tax and social contribution non computed o/ available-for-sale financial assets</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="12%" noWrap align=right>&nbsp;<FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(155,533)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(144,533)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>163,559 </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" vAlign=bottom width="12%" 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="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,559 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,423 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,357 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,780 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,394 </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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,331)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,063 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Goodwill on merger</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,211 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,211)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><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" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,427,926 </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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(388,467)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,039,459 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- (Gain) on loss of control over Transnordestina</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(224,096)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><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" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,096)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Cash flow hedge accounting</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516,831 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(181,704)</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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>335,127 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Income tax and social contribution non computed o/ cash flow hedge accounting</FONT></P></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="12%" noWrap align=right>&nbsp;<FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(357,951)</FONT></TD>

   <TD style="BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>181,704 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(176,247)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Deferred taxes non computed</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,087,695)</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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,932)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,106,627)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>196,458 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; 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="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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; 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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(27,319)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; 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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>169,139 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 8.05pt"><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-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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>3,307,027 </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-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,533)</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-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,262,494 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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="12%" 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="12%" 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="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred tax liabilities</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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><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="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: #ddebf7; 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><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="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: #ddebf7; 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><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" 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: #ddebf7; 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><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" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax loss carryforwards</FONT></P></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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(385)</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>&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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>385 </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" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Negative basis of social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(138)</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="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: #ddebf7; 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><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="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: #ddebf7; 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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>138 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" 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-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>495,374 </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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,636)</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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,625 </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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>508,363 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(14,869)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,743 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,126)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(789)</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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(274)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,063)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Asset impairment losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,441)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>267 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,174)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,164)</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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,648 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,516)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(608)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><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" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(608)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(42,977)</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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,880)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(48,857)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,128)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>400 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(728)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Fair value adjustment - SWT Aquisition</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>252,549 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,919)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,238)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>232,392 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Fair Value adjustment - Mining Business combination </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>336,443 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(970)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>335,473 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,570 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,570 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax paid abroad</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><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" vAlign=bottom 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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,742)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,742)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Deferred Income taxes and social not constituted</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>614 </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" vAlign=bottom width="12%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(614)</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" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Others</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,256)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(717)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,715 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,742 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities</FONT></B></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="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>494,851 </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="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>(11,636)</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="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>25,148 </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="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>508,363 </FONT></B></P></TD></TR></TABLE></DIV>

<P></P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%">&nbsp;</P></DIV></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 59 of 77</FONT></P>

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<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2><BR>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<DIV align=left>

<DIV align=left><FONT lang=EN-US style="FONT-SIZE: 10pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>

<DIV align=left>

<DIV align=left>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 3.5pt" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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="12%" 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="12%" 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="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>Parent Company</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance</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"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</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="28%" 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>Movement</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px 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: normal" 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-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="46%" 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="12%" 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>

   <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 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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>Comprehensive<BR>income</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: 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-TOP: windowtext 1pt solid; 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: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>P&amp;L</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: #000000 1px solid; BORDER-BOTTOM: #000000 1px 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: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Deferred tax assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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><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" 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: #ddebf7; 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><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="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: #ddebf7; 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><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" 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: #ddebf7; 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><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" vAlign=bottom width="46%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax loss carryforwards</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>226,246 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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"><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="12%" 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" vAlign=bottom 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>319,435 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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"><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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>545,681 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Negative basis of social contribution</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>93,031 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,997 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>208,028 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Temporary differences</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,909,684 </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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" 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="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>(463,763)</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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,445,921 </FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for tax. social security, labor, civil and environmental risks</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>216,862 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,893 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>225,755 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Provision for environmental liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,501 </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" vAlign=bottom width="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>345 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,846 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Asset impairment losses</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,483 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,226 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73,709 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Inventory impairment losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,757 </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" vAlign=bottom width="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>843 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,600 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Gain)/loss in financial instruments</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(5,454)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>642 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,812)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- (Gains)/losses on available-for-sale financial assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>947,989 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,000)</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" vAlign=bottom width="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>936,989 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Income tax and social contribution non computed o/ available-for-sale financial assets</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(155,533)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,000 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(144,533)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>- Actuarial liability (pension and healthcare plan)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>163,560 </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" vAlign=bottom width="12%" 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="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="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>163,560 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,040 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,733 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,773 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Allowance for doubtful debts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,087 </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" vAlign=bottom width="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,574 </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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,661 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Unrealized exchange differences (*)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,427,926 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(388,467)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,039,459 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>(Gain) in control loss on Transnorderstina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; 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>(224,096)</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" vAlign=bottom width="12%" 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="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="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,096)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Cash flow hedge accounting</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516,831 </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(181,704)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- </FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>335,127 </FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; 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>(357,951)</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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>181,704 </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" vAlign=bottom width="12%" 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="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="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(176,247)</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Deferred taxes non computed</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(977,558)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(129,069)</FONT></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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"><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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,106,627)</FONT></P></TD></TR>

<TR>

   <TD style="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: normal; TEXT-INDENT: 16pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>- Other</FONT></P></TD>

   <TD style="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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,240 </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="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="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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,517 </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="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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>115,757 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #ddebf7; 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: normal; TEXT-INDENT: 8.05pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,228,961 </FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,331)</FONT></B></P></TD>

   <TD style="BACKGROUND: #ddebf7; 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" face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,199,630 </FONT></B></P></TD></TR></TABLE><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></DIV></DIV>

<P></P></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>(*) The Company taxes the foreign exchange differences on a cash basis to calculate income tax and social contribution.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>The Company has overseas subsidiaries in its corporate structure, 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><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif> From 2011 to </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>1<SUP>st</SUP> quarter </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>2016 some abroad subsidiaries generated profits amounting to R$4,039,308. If for some reason tax authorities understand that these profits have already been distributed, the additional taxation in Brazil would amount approximately to R$1,373,365 in income tax and social contribution.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>The Company, based on its legal counsel&#8217;s opinion, assessed the likelihood of loss in a potential claiming by tax authorities which resulted in a possible risk of loss and, therefore, no provision was recognized in the financial statements.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><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: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>14.c) Income tax and social contribution recognized in shareholders' equity:</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><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: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" 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: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><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; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>Consolidated</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <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>03/31/2016</FONT></B></P></TD>

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   <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>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#333333 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <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>03/31/2016</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="3%" 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-TOP: windowtext 1pt solid; 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: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax and social contribution</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial gains on defined benefit pension plan</FONT></P></TD>

   <TD style="BACKGROUND: white; 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>64,573 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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" color=#000000 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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,489 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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" color=#000000 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="11%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65,128 </FONT></P></TD>

   <TD style="BACKGROUND: white; 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" color=#000000 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="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65,247 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Changes in the fair value on available-for-sale financial assets </FONT></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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38 </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>38 </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" color=#000000 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>38 </FONT></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" color=#000000 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>19,269 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial gains and assets available for sale by incorporation</FONT></P></TD>

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   <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="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="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>(19,349)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange differences on translating foreign operations </FONT></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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(425,510)</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" color=#000000 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>(425,510)</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" color=#000000 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>(425,510)</FONT></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" color=#000000 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>(425,510)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash flow hedge accounting</FONT></P></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>158,880 </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>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>158,880 </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>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>158,880 </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="12%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>158,880 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="48%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" color=#333333 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="11%" 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>(202,019)</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" color=#000000 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" color=#000000 face=arial,sans-serif>(202,103)</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>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(201,464)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>(201,463)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 60 of 77</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>15.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt; LAYOUT-GRID-MODE: both" face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" 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: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif>On March 31, 2016, the information related to judicial deposits and processes has not changed significantly compared to the disclosed in the Company's financial statements as of December 31, 2015. The breakdown of the provisioned amounts and its respective judicial deposits are presented as following:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: both" face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

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   <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>

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   <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="22%" colSpan=4>

   <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; 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>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%" 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="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>Accrued liabilities</FONT></B></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 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>Judicial deposits</FONT></B></P></TD></TR>

<TR>

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   <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: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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: 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

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   <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>03/31/2016</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="8%" 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>

   <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="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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: 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>

   <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><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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="8%" 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="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>145,822 </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>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="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>82,254 </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="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>84,125 </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="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>65,321 </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></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>71,804 </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>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="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>70,903 </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>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="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>474,861 </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>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="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>164,211 </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="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>390,950 </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="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>131,663 </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></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>131,846 </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>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="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>22,415 </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="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>105,387 </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="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>9,422 </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></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>30,926 </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>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="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>1,190 </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>26,801 </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="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>1,121 </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>8,181 </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>8,519 </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="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="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: #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>855,259 </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>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="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>324,444 </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="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>678,166 </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="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>253,720 </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></TR></TABLE><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif></FONT></FONT></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><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: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>The changes in the provision for tax, social security, labor, civil and environmental risks in the year ended March 31, 2015 were as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><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%; 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" vAlign=bottom width="15%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" 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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="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: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</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="15%" 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="BORDER-TOP: windowtext 1pt solid; 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: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&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%" 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="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="3%" 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="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="12%" 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="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="3%" 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="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="12%" 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="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="3%" 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="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="16%" 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="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="3%" 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="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="17%" 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>Current + Non- current</FONT></B></P></TD></TR>

<TR>

   <TD style="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: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nature</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="13%" 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>

   <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="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>Additions</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="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 update on amount</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="16%">

   <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 utilization of reversal</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="17%" 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>03/31/2016</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%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">

   <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="13%">

   <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="3%">

   <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%">

   <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: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,716 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(746)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145,822 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">&nbsp;</TD>

   <TD style="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: 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="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,630 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT 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="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,804 </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%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">

   <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="13%">

   <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="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,464 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,725 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,939)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>474,861 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">&nbsp;</TD>

   <TD style="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: 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="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>224 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,387 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(216)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131,846 </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%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">

   <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="13%">

   <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="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,020 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,399 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,139)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,926 </FONT></P></TD></TR>

<TR>

   <TD style="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: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&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="13%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,708 </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-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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,857 </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-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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(47,040)</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-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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>855,259 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><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%; 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" vAlign=bottom 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" vAlign=bottom 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" vAlign=bottom 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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" vAlign=bottom 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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" vAlign=bottom 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: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom 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" vAlign=bottom width="16%" 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="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" vAlign=bottom width="17%" 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="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="15%" 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="BORDER-TOP: windowtext 1pt solid; 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: normal" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&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%" 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="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="3%" 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="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="12%" 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="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="3%" 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="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="12%" 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="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="3%" 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="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="16%" 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="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="3%" 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="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="17%" 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>Current + Non- current</FONT></B></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; 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: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nature</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></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="13%" noWrap>

   <P style="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>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></FONT></B>&nbsp;</P></TD>

   <TD style="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: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></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="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 update on amount</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; 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: normal" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net utilization of reversal</FONT></B></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="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></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="17%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</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%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">

   <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="13%">

   <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="3%">

   <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%">

   <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: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,636 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(130)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84,125 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">&nbsp;</TD>

   <TD style="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: 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="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,610 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT 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="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,903 </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%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">

   <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="13%">

   <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="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,305 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,845 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,963)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>390,950 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">&nbsp;</TD>

   <TD style="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: 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="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>76 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,440 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(216)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="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: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>105,387 </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%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><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%">

   <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="13%">

   <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="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,020 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,260 </FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(15)</FONT></P></TD>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,801 </FONT></P></TD></TR>

<TR>

   <TD style="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: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&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="13%">

   <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="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,401 </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-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%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,791 </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-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="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,324)</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-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="17%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>678,166 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" 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: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LAYOUT-GRID-MODE: line" face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 61 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=PT-BR style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt; LINE-HEIGHT: 115%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2><BR>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt" vAlign=top width="20%">

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 116%"><FONT style="LINE-HEIGHT: 116%"><U><FONT lang=EN-US style="FONT-SIZE: 9pt; LAYOUT-GRID-MODE: line" face=Arial,sans-serif>Other administrative and judicial proceedings</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%"><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: 0cm 0cm 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 table below shows a summary of the carrying amounts of the main legal matters on March 31, 2016 compared to December 31, 2015. The increase in the carrying amounts substantially reflects the monetary update.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%">

   <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="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 1pt solid; 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" color=#000000 face=arial,sans-serif>03/31/2016</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 1pt solid; 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" color=#000000 face=arial,sans-serif>12/31/2015</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="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment and Imposition of Fine (AIIM) - Income tax and social contribuition - Capital gain on sale of NAMISA's shares.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,883,559 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,743,501 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Income tax / Social contribution - Assessment and Imposition of Fine (AIIM) - - Disallowance of deductions of goodwill generated in the reverse incorporation of Big Jump by Namisa.</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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,294,003 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,250,833 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment and Imposition of Fine (AIIM) - Income tax and social contribuition - Off-set of interest on prepayment arising from supply contracts of iron ore and port services.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,128,333 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,105,793 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax foreclosures - ICMS - Electricity credits.</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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>805,649 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>785,043 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Installments MP 470 - alleged insufficiency of tax losses.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>600,832 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>587,205 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Offset of taxes that were not approved by the regulator - IRPJ/CSLL, PIS/COFINS and IPI.</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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,046,254 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,015,355 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment for an alleged nonpayment of taxes- IRPJ/CSLL - foreign subsidiaries (2010).</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>539,848 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>526,047 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment and Imposition of Fine (AIIM) - Income tax / Social contribution - Profits earned abroad 2008.</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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>311,386 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>306,136 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disallowance of the ICMS credits - Transfer of iron ore.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>528,099 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>516,581 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disallowance of the ICMS credits - ICMS - acquisition of subsidiary (*).</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 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="8%" 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>277,389 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" 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></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: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>257,826 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>252,112 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Disallowance of the tax losses arising on adjustments to the SAPLI.</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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>418,893 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>409,323 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment and imposition - ICMS - shipping and return merchandise for Industrialization.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>555,335 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>541,338 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Assessment and imposition - Income tax- Capital Gain of CFM vendors located abroad.</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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>173,609 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>170,835 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Other tax (federal, state, and municipal) lawsuits.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,615,719 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,537,626 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social security lawsuits.</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>294,065 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>289,923 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Annulment action filed by CSN against CADE.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,736 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,423 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other civil lawsuits.</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>726,381 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>763,576 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor and social security lawsuits.</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 lang=EN-US style="FONT-SIZE: 11pt" face=Calibri,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 lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,054,050 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,032,678 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental lawsuits.</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>387,461 </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="8%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>359,046 </FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: #dce6f1; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="80%" noWrap>

   <P style="TEXT-ALIGN: justify; 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="2%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BACKGROUND: #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>21,714,038 </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="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>21,540,763 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT style="BACKGROUND: lime; LINE-HEIGHT: 115%"><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: 0cm 0cm 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>(*) Tax assessments were canceled due to a favorable decision to the Company in the 2nd administrative judicial level, the referred judgment occurred on February 15, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 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: 0cm 0cm 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 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></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 62 of 77</FONT></P>

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<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><U><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental lawsuits</FONT></U></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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 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 repairing costs.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>16.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On March 31, 2016, the information related to </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>environmental liabilities and asset retirement obligation </FONT></FONT><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>has not changed significantly compared to the disclosed in the Company's financial statements as of December 31, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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 carrying amount of the provision for environmental liabilities and asset retirement obligation (ARO) are as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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>

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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 12.95pt">

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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: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="16%" 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; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="16%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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; HEIGHT: 12.95pt; 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>

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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>

<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="29%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="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></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2015</FONT></B></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="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental liabilities</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="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>265,487 </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="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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>262,290 </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="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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>261,629 </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="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: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>259,115 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.95pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset retirement obligations</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,502 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="16%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,641 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" 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; HEIGHT: 12.95pt; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</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="29%" 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; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>333,989 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>328,931 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>261,629 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>259,115 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>RELATED-PARTY BALANCES AND TRANSACTIONS </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>On March 31, 2016, the information regarding the related party transactions has not changed significantly compared to the disclosed in the Company's financial statements as of December 31, 2015.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 63 of 77</FONT></P>

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<a name="_bclHeader70"></a><DIV>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.a) Transactions with holding companies</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>After payment of dividends in 2015 amounting to R$306,139, there were no transactions with holding companies.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.b) Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>By transaction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" 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="57%" colSpan=9 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="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="29%" 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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="24%" colSpan=4>

   <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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="24%" colSpan=4>

   <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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="21%" colSpan=3>

   <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="29%" 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>03/31/2016</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="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="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>12/31/2015</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="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="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>03/31/2016</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="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="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>12/31/2015</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="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="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>03/31/2016</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>12/31/2015</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="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; 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: 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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <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="29%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables (note 5)</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,241 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,366 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,241 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,366 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends receivable (note 5)</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,817 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,623 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,817 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial asset (note 7)</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="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,622 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,433 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,622 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,433 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans (note 7)</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>386,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,214 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>386,128 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,214 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other receivables (note 7)</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,263 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,420 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,145 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,020 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,408 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,440 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" 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="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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>114,127 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>98,603 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>526,895 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>516,667 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>641,022 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>615,270 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" 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="10%" 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="10%" 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="10%" 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="9%" 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="10%" 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="29%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables (Note 13)</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>

   <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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="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>&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="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: #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="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>&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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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><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%" 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="29%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounts payable</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,722 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,798 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>240 </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="10%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,962 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,798 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</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"><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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>125,187 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,443 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>125,187 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,443 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liabilities</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="10%" 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="10%" 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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,368 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,368 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,368 </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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,368 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" 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="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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>131,909 </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="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>74,241 </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="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>514,608 </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="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>514,368 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>646,517 </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="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>588,609 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" 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="10%" 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="10%" 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="10%" 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="10%" 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="9%" 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="10%" 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="29%" 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>

   <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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>31/03/2016</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>31/03/2015</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="10%" 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="10%" 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="9%" 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="10%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>P&amp;L</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="10%" 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="10%" 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="10%" 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="10%" 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="9%" 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="10%" 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="29%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</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>

   <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%" 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>

   <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%" 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; 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="10%" 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="10%" 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="9%" 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="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>168,794 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>209,015 </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="10%" 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="10%" 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="9%" 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="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,913 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,087 </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="10%" 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="10%" 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="9%" 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="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</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="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>&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="10%" 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="10%" 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="9%" 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="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(239,934)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(270,801)</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="10%" 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="10%" 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="9%" 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="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="29%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest</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="10%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(138,425)</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="10%" 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="10%" 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="9%" 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="10%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="29%" 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="2%" 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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(58,227)</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="10%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(178,124)</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="10%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="10%" noWrap>&nbsp;</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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 64 of 77</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

&nbsp; <A name="page_69"></A>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" 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>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%" 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="73%" colSpan=19 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>Consolidated</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="26%" 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="21%" 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="22%" 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="28%" colSpan=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>P&amp;L</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="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>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="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>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="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>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="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>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>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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Joint-venture and Joint-operation</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" 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>

   <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="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="7%" 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; 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>

   <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="1%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" 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; 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>

   <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="1%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="7%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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; BACKGROUND: #dce6f1; 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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; BACKGROUND: #dce6f1; 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; 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="7%" 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; 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>

   <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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" 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; 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="1%" noWrap align=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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,309 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,309 </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>(8,050)</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,050)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%">

   <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>2,195 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,195 </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>22,670 </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>240 </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>22,910 </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>(19,542)</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="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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(19,542)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%">

   <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; 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>26,182 </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="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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,182 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52,289 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52,289 </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>(187,840)</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(187,840)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%">

   <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; 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>7,179 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,179 </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>19,530 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,530 </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 </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>(18,531)</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,526)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;stica S.A (1)</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 </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>368,237 </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>368,238 </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>30,878 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,878 </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>(498)</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>12,226 </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>11,728 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%">

   <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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>35,557 </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; 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>368,237 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>403,794 </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>130,676 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>240 </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>130,916 </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>

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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>5 </FONT></B></P></TD>

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   <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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(234,461)</FONT></B></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></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>12,226 </FONT></B></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></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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(222,230)</FONT></B></P></TD></TR>

<TR>

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<TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,622 </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>514,368 </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>514,368 </FONT></P></TD>

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<TR>

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   <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="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,829 </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>1,829 </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>(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="1%" noWrap align=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>(289)</FONT></P></TD></TR>

<TR>

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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>539 </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>539 </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>647 </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></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>647 </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>11,626 </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>(4,174)</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,452 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%">

   <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; 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>76,202 </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>4,125 </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: 8pt" face=arial,sans-serif>80,327 </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="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="1%" noWrap align=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>150,854 </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="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>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>150,854 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%" 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; 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="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="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="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="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="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="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>(1,010)</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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="26%">&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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>78,570 </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="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>111,747 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,317 </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="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>647 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,368 </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="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>515,015 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>162,480 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,473)</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="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>&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="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>157,007 </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="26%">

   <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="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="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="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="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="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="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="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="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="26%">

   <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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,911 </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>46,911 </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>586 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>586 </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>6,309 </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="7%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,996 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 03/31/2016</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; 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>114,127 </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>526,895 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>641,022 </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>131,909 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>514,608 </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>646,517 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>168,794 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(239,934)</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>12,913 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(58,227)</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="26%" 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="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="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>98,603 </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 1pt solid; 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>516,667 </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 1pt solid; 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>615,270 </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 1pt solid; 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>74,241 </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 1pt solid; 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>514,368 </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 1pt solid; 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>588,609 </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 1pt solid; 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>725,285 </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 1pt solid; 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>(1,103,428)</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 1pt solid; 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>63,751 </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 1pt solid; 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>(314,392)</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="26%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 03/31/2015</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; 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="BORDER-BOTTOM: windowtext 2.25pt double; 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></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-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="BORDER-BOTTOM: windowtext 2.25pt double; 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></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-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="BORDER-BOTTOM: windowtext 2.25pt double; 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></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-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>209,015 </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; 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>(270,801)</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; 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>(116,338)</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; 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>(178,124)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>1. Transnordestina Log&#237;stica S.A: Refers mainly to contracts in R$: interest equivalent to 108.0% and 102.0% of CDI with final maturity in June 2017. As of March 31, 2016, the borrowings carrying amounts totaled to R$326,938 (R$222,727 as of December 31, 2015).</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 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: 9pt" face="Times New Roman">Page 65 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>By transaction</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 18pt"><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: 0cm 0cm 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" width="34%" 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; PADDING-TOP: 0in" width="64%" colSpan=11 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="34%" 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; BORDER-TOP: windowtext 1pt solid; 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: 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="22%" colSpan=4>

   <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="22%" colSpan=4>

   <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="20%" colSpan=3>

   <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="34%" 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="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>03/31/2016</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: 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>12/31/2015</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: 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>03/31/2016</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: 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>12/31/2015</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: 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>03/31/2016</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: 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>12/31/2015</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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; BACKGROUND: #dce6f1; 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: 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="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" align=right>

   <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="34%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables (1) (note 5)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,064,915 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,140,172 </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="9%" 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="9%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,064,915 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,140,172 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dividends receivable (note 5)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>747,033 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737,668 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>747,033 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>737,668 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial asset (note 7)</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="9%" 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="9%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,468 </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="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,468 </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="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans (note 7)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>464 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>248,401 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,930 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>248,865 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,930 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Short-term investments / Investments (2)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>810,197 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,412,428 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,752 </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="9%" 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; 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>839,949 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,440,506 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds (note 7)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" 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; 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ohter receivables (3) (note 7)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,996 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,479 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>314,797 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,441 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>341,793 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>335,920 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" 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="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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,649,605 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,432,822 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>700,418 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap 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; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,350,023 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,116,931 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing</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>

   <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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <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="34%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Prepayment (note 11)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,036 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85,987 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,325,453 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,843,050 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,376,489 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,929,037 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fixed Rate Notes and Intercompany Bonds (note 11)</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" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>78,243 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,402 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,697,023 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,056,347 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,775,266 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,088,749 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany Loans (note 11)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,198,500 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,261,861 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,948,391 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,137,040 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,146,891 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,398,901 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables (Note 13)</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>

   <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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounts payable</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>116,744 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,090 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,209 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,653 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>217,953 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>228,743 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances from customers</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds (2) (note 13)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,164 </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="9%" 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; 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="9%" 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="9%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,164 </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="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,567 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,559 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,567 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,559 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liabilities</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="9%" 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="9%" 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="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="34%" 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="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,631,270 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,669,302 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,586,443 </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="9%" noWrap 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; 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,217,713 </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="9%" noWrap 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="34%" 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>

   <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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/31/2016</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/31/2015</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>P&amp;L</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="9%" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="34%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues</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>

   <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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>614,085 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,403,347 </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="9%" 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="9%" 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="9%" 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="9%" 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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,499 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,970 </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; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds</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="9%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>480,142 </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="9%" 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="9%" 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="9%" 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="9%" 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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; 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>

   <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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses</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="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(369,941)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(398,294)</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; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(133,341)</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(386,914)</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="9%" 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="9%" 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="9%" 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="9%" 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="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange rates, net</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,085,469 </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><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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,640,782)</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><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="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exclusive funds</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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(644,709)</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="9%" 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="9%" 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="9%" 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="9%" 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="9%" 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="34%" 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="2%" 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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>560,062 </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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(537,531)</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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="9%" 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="9%" 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="9%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><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: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><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: 0cm 0cm 0cm 18pt"><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: -18pt; MARGIN: 0cm 0cm 0cm 18pt"><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 totaled to R$810,197 as of March 31, 2016 (R$1,412,428 at December 31, 2015) and investments in Usiminas shares classified as investments available for sale, located in non-current assets, amounted to R$29,752 (R$28,078 as of December 31, 2015). </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 18pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 18pt"><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$39,164 on March 31, 2016 (R$25,387 as of December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 18pt">&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>(<FONT style="FONT-SIZE: 9pt" face=Arial>3</FONT>)</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 (Ferrovia Transnordestina Logistica) and MMSA (Companhia de Embalagens Met&#225;licas ). </FONT></FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 18pt"><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 and acquisition of debentures.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 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: 116%; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" 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>

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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>Parent Company</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: 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="2%">&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: 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%" colSpan=9>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>P&amp;L</FONT></B></P></TD></TR>

<TR>

   <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; 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: 7pt" 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: 7pt" 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: 7pt" 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="2%">&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: 7pt" 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: 7pt" 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: 7pt" 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="2%">&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: 7pt" 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="2%">&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: 7pt" 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: 7pt" 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: 7pt" 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: 7pt" 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="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="2%">&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="2%">&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="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="19%" noWrap>

   <P style="LINE-HEIGHT: normal; 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; BACKGROUND: #dce6f1; 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" 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: 7pt" face=arial,sans-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: 7pt" face=arial,sans-serif></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: 7pt" face=arial,sans-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: 7pt" face=arial,sans-serif></FONT>&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: 7pt" face=arial,sans-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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></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: 7pt" face=arial,sans-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: 7pt" face=arial,sans-serif></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: 7pt" face=arial,sans-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: 7pt" face=arial,sans-serif></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: 7pt" face=arial,sans-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="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif></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: 7pt" face=arial,sans-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="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; 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: 7pt" face=arial,sans-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: 7pt" 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: 7pt" face=arial,sans-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: 7pt" 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: 7pt" face=arial,sans-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: 7pt" 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: 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="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: 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="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: 7pt" face=arial,sans-serif>15,829 </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>15,829 </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: 7pt" face=arial,sans-serif>18,630 </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: 7pt" face=arial,sans-serif>(86)</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>(92)</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>18,452 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Companhia Metal&#250;rgica Prada (1)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>218,549 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>121,336 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>339,885 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>8,047 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>196 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>8,243 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>246,263 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(20,112)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>226,151 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <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="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: 7pt" face=arial,sans-serif>1,063 </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>1,063 </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: 7pt" face=arial,sans-serif>1,493 </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>1,493 </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: 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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(3,025)</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>28 </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>(2,997)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <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; BACKGROUND: #dce6f1; 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: #dce6f1; 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>10,573 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>95,639 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>9,898 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>9,898 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(3,041)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(3,042)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: 7pt" face=arial,sans-serif>464 </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>2,220 </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: 7pt" face=arial,sans-serif>2,684 </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="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="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: 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="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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Congonhas Min&#233;rios S.A. (2)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>738,174 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>738,174 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>81,628 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>81,628 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(174,375)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(174,367)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <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; 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: 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="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: 7pt" face=arial,sans-serif>44,890 </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>44,890 </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: 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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(59,757)</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>(292)</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>(60,049)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: #dce6f1; 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>3,121 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>28,171 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>31,292 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>101,013 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>101,013 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(3,540)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(3,540)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional, LLC (3)</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: 7pt" face=arial,sans-serif>535,541 </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>535,541 </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: 7pt" face=arial,sans-serif>113,543 </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>113,543 </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: 7pt" face=arial,sans-serif>143,713 </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: 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>(60,917)</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>82,796 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>11,697 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>109,328 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>121,025 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>646 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>10,625 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>11,271 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Resources S.A. (4)</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: 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="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: 7pt" face=arial,sans-serif>1,253,644 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>8,011,748 </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>9,265,392 </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: 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="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>(115,047)</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>877,732 </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: 7pt" face=arial,sans-serif>762,685 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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; BACKGROUND: #dce6f1; 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: #dce6f1; 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>196,000 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>196,000 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>189 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>189 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>54,612 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(15,546)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>39,066 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands XI Corp. (5)</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: 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="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: 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>1,138,848 </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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>1,138,848 </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: 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="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>110,688 </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>110,688 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Islands XII Corp. (6)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>21,816 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,615,741 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>1,637,557 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(17,842)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>157,039 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>139,197 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>CSN Ib&#233;ria Lda.</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: 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="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: 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>95,202 </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>95,202 </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: 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="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>(713)</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>9,245 </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>8,532 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>5,404 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>44,859 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>50,263 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: 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="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: 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="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: 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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(19,848)</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="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>144 </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>(19,704)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <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: #dce6f1; PADDING-TOP: 0in" width="2%" 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: #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: 7pt" face=arial,sans-serif>1,708,889 </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: 7pt" 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="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>281,652 </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: 7pt" 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="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>1,990,541 </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: 7pt" 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="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>1,562,674 </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: 7pt" 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="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>11,072,076 </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: 7pt" 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="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>12,634,750 </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><FONT style="FONT-SIZE: 7pt" 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="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>463,226 </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: 7pt" 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="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>(280,244)</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: 7pt" 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="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>(133,312)</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: 7pt" 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="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>1,085,469 </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: 7pt" 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="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>1,135,139 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; 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; 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="1%" noWrap align=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="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="1%" noWrap align=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="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="1%" noWrap align=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="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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; BACKGROUND: #dce6f1; 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: #dce6f1; 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>26,813 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>26,813 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <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="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: 7pt" face=arial,sans-serif>10,542 </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>10,542 </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: 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="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: 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="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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <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; BACKGROUND: #dce6f1; 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: #dce6f1; 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>13,095 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>13,095 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>17,633 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>17,633 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(52,350)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(52,350)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <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 e Infraestrutura</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: 7pt" face=arial,sans-serif>1,941 </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>1,941 </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: 7pt" face=arial,sans-serif>11,261 </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>11,261 </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: 7pt" face=arial,sans-serif>5 </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: 7pt" face=arial,sans-serif>(36,194)</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>(36,189)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <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: #dce6f1; 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: #dce6f1; 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 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>230,510 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>230,511 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>7,783 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>7,783 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">&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; 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>52,392 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>230,510 </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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>282,902 </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; 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>28,894 </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%" 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></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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>28,894 </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; 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>5 </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; 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>(88,544)</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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>7,783 </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%" 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></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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(80,756)</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="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" 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="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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>

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   <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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: 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>107,468 </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>107,468 </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: 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>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: 7pt" 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="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: 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="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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: #dce6f1; 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>1,829 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>1,829 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(143)</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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>(143)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <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; 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: 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="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: 7pt" face=arial,sans-serif>538 </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>538 </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: 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="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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <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; BACKGROUND: #dce6f1; 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: #dce6f1; 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>76,298 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>4,125 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>80,423 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>150,854 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>150,854 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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="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: 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="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: 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="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: 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="6%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(1,010)</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>(1,010)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <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: #dce6f1; PADDING-TOP: 0in" width="2%" 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: #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: 7pt" face=arial,sans-serif>78,127 </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: 7pt" 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="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>111,593 </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: 7pt" 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="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>189,720 </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: 7pt" 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="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>538 </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: 7pt" 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="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>514,367 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" 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: #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: 7pt" face=arial,sans-serif>514,905 </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: 7pt" 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="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>150,854 </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: 7pt" 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="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>(1,153)</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: 7pt" 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="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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #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: 7pt" face=arial,sans-serif>- </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: 7pt" 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="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>149,701 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; 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; 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: 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="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: 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="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: 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="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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" 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; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>46,911 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>46,911 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>687 </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: 7pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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>687 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">&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>

   <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="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: 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="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: 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="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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Exclusive Funds</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>

   <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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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: #dce6f1; 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>Diplic, Caixa Vertice, VR1, BB Steel</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: 7pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>810,197 </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>29,752 </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>839,949 </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: 7pt" face=arial,sans-serif>39,164 </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>39,164 </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>

   <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="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>(644,709)</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>(644,709)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total at 03/31/2016</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>

   <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; 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: 7pt" face=arial,sans-serif>2,649,605 </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: 7pt" 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="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>700,418 </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: 7pt" 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="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>3,350,023 </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: 7pt" 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="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>1,631,270 </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: 7pt" 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="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>11,586,443 </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><FONT style="FONT-SIZE: 7pt" 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="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>13,217,713 </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: 7pt" 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="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>614,085 </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: 7pt" 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="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>(369,941)</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: 7pt" 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="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>(769,551)</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: 7pt" 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="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>1,085,469 </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: 7pt" 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="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>560,062 </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="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" 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="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="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>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="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="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>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="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="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>4,116,931 </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 1pt solid; 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: 7pt" 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="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="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>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%" 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" 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>14,338,759 </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 1pt solid; 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: 7pt" 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="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" 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>(1,636,308)</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="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="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>(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="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="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>(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%" 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" 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>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="19%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>Total at 03/31/2015</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>

   <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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-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: 7pt" face=arial,sans-serif>- </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: 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: #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: 7pt" face=arial,sans-serif>- </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: 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: #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: 7pt" face=arial,sans-serif>- </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: 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: #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: 7pt" face=arial,sans-serif>- </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: 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: #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: 7pt" face=arial,sans-serif>- </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: 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: #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: 7pt" face=arial,sans-serif>- </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: 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: #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: 7pt" face=arial,sans-serif>1,403,347 </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: 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: #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: 7pt" face=arial,sans-serif>(398,294)</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: 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: #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: 7pt" face=arial,sans-serif>98,198 </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: 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: #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: 7pt" face=arial,sans-serif>(1,640,782)</FONT></B></P></TD>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 7pt" face=arial,sans-serif>(537,531)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><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: -18pt; MARGIN: 0cm 0cm 0cm 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>Companhia Metalurgica Prada refers mainly to accounts receivable and debentures from CBL amounting to R$215,213 and 121,336, respectively, as of March 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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>Congonhas Min&#233;rios: Refers mainly to dividends declared by Namisa amounting to R$694,080 and posteriorly assumed by Congonhas due to the merger on December 31, 2015. Liabilities: Account payables related to purchases of iron ore.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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>Companhia Siderurgica Nacional, LLC: On March 31, 2016 the carrying amounts of trade accounts receivable totaled R$535,541 (R$682,875 December 31, 2015), they are related to sale of steel to resellers.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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 Resources SA: Contracts in US dollars of Prepayment Fixed Rate Notes and Intercompany Bonds, the interest rate under this transaction is 9.13% and its maturity date is June 2047. On March 31, 2016, the loans amounted to R$9,265,392 (R$10,146.701 on December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0cm 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: -18pt; MARGIN: 0cm 0cm 0cm 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 XI Corp.: Contracts in US dollars, without interest, maturing on August 2017. On March 31 2016, the loans amounted to R$1,138,848 (R$1,249,536 as of December 31, 2015).</FONT></FONT></P>

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<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 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>CSN Islands XII Corp.: Contracts in US dollars, interest rate of 7.64% and maturing</FONT><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> </FONT></I><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>on February 2025. On March 31, 2016, the loans amounted to R$1,637,557 (R$1,784,417 on December 31, 2015).</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>17.c) Key management personnel </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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 March 31, 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></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>03/31/2016</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>03/31/2015</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>P&amp;L</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Short-term benefits for employees and officers</FONT></P></TD>

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   <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" vAlign=bottom width="15%" 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>39,809 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,791 </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>Post-employment benefits</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>118 </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>30 </FONT></P></TD></TR>

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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="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" 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>39,927 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="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" 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>5,821 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The remuneration of key management personnel in 2016 includes payments for contracts with executives that were linked to parameters that were achieved in the first quarter 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SHAREHOLDERS' EQUITY</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.a) Paid-in capital </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Fully subscribed and paid-in capital as of March 31, 2016 and December 31, 2015 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="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.b) Authorized capital</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The Company&#8217;s bylaws in effect as of March 31, 2016 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; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.c) Legal reserve</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>This reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6,404/76, up to the ceiling of 20% of share capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.d) Ownership structure</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>As of March 31, 2016, the Company&#8217;s ownership structure was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; 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" 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; PADDING-TOP: 0in" width="33%" colSpan=5 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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>03/31/2016</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="33%" colSpan=5 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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></FONT></B></P>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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>12/31/2015</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; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common shares</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total shares</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="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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% of voting capital</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common shares</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="8%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total shares</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="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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% of voting capital</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Vicunha A&#231;os S.A.</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" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>697,719,990</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.29%</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51.41%</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" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>697,719,990</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.29%</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51.41%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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>4.29%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,193,503</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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>4.29%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS</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" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,143,031</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.45%</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.48%</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" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,143,031</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.45%</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.48%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNDES Participa&#231;&#245;es S.A. &#8211; BNDESPAR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,794,890</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.63%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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>0.65%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,794,890</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.63%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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>0.65%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>NYSE (ADRs)</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" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>331,462,264</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23.89%</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24.42%</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" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>336,435,464</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="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24.25%</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24.79%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="30%" noWrap>

   <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; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>240,819,369</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17.36%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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>17.75%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>235,846,169</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17.00%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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>17.38%</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="30%" 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="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133,047 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97.81%</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>100.00%</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133,047 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>97.81%</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>100.00%</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; 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: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,391,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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: white; 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: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,391,000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.19%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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: white; PADDING-TOP: 0in" 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; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="30%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total shares</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>

   <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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,524,047 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,387,524,047 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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></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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 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: 9pt" face="Times New Roman">Page 68 of 77</FONT></P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.e) Treasury shares </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face=arial,sans-serif></FONT></FONT>&nbsp;</P>

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<DIV align=left><FONT style="LINE-HEIGHT: 116%" color=windowtext face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US color=windowtext face=arial,sans-serif>

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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>Program</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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   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Board&#8217;s Authorization</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</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>Authorized quantity</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</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>Program period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%">&nbsp;</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>Average buyback price</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Minimum and maximum buyback price</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Number bought back</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share cancelation</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%">

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance in treasury</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1st</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3/13/2014</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="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: #dce6f1; PADDING-TOP: 0in" 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>70,205,661 </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=center>

   <P style="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="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 3/14/2014 to 4/14/2014</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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.34 </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=center>

   <P style="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="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.22 and R$ 9.45</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=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,350,000 </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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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 align=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2nd</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4/15/2014</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,855,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 8.97 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 8.70 and R$ 9.48</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,529,500 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,879,500 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3rd</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5/23/2014</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="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: #dce6f1; PADDING-TOP: 0in" 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>58,326,161 </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=center>

   <P style="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="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 5/26/2014 to 6/25/2014</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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.21 </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=center>

   <P style="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="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 8.61 and R$ 9.72</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=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>31,544,500 </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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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 align=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4th</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6/26/2014</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,781,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 10.42 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.33 and R$ 11.54</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>26,781,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,205,661 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" 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></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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7/18/2014</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="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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="14%" noWrap align=center>

   <P style="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 align=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</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=center>

   <P style="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="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</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=center>

   <P style="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="9%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,000,000 </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=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5th</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7/18/2014</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,205,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 11.40 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 11.40 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>240,400 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" 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=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,446,061 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" 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></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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8/19/2014</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="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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="14%" noWrap align=center>

   <P style="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 align=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</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=center>

   <P style="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="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Not applicable</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=center>

   <P style="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="9%" 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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,446,061 </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=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><SUP><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1)</FONT></SUP></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="9%" 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></TR>

<TR>

   <TD style="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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6th</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8/19/2014</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,161,055 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 9.47 and R$ 10.07</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,791,300 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,791,300 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7th</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9/29/2014</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="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: #dce6f1; PADDING-TOP: 0in" 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>56,369,755 </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=center>

   <P style="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="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 9/29/2014 to 2/29/2014 </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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 7.49 </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=center>

   <P style="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="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 4.48 and R$ 9.16</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=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,758,600 </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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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 align=center>

   <P style="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="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" 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-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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8th</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/30/2014</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,611,155 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 5.10 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap align=left>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 4.90 and R$ 5.39</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,841,100 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap align=center>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,391,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9th (*)</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>03/31/2015</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="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: #dce6f1; PADDING-TOP: 0in" 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>32,770,055 </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=center>

   <P style="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="14%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>From 4/01/2015 to 6/30/2015 </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=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="11%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><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: #dce6f1; PADDING-TOP: 0in" width="1%" noWrap align=center>

   <P style="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 align=center>

   <P style="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="9%" noWrap align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR></TABLE><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT></DIV>

<P></P></FONT></FONT></DIV></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) There were no share buyback in this program.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%" 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: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company&#8217;s share capital.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt 18pt"><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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As of March 31, 2016, the position of the treasury shares was as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: line; 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="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom rowSpan=2 width="17%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Quantity purchased (Units)</FONT></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" vAlign=bottom rowSpan=2 width="15%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amount paid for the shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD width="42%" colSpan=5>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share price</FONT></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" vAlign=bottom rowSpan=2 width="17%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Market price of the shares on 03/31/2016 (*)</FONT></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="3%" 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="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Minimum</FONT></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; 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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Maximum</FONT></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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Average</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,391,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></SUP>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 238,976 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 4.48 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-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%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 10.07 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="14%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 7.86 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="17%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>R$ 217,296 </FONT></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Using the last share quotation on BM&amp;FBovespa as of March 31, 2016 of R$7.15 per share.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.f) Policy on investments and payment of interest on capital and dividends&nbsp; </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>18.g) Earnings/(loss) per share: </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 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 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="68%" noWrap>&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>&nbsp;</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="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>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="68%" 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="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>03/31/2016</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>

   <P style="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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2015</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="68%" 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="32%" colSpan=3 align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Common Shares</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net Loss/gain of the period</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" 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" vAlign=bottom 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" 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; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Attributable to owners of the Company </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(836,690)</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>392,056 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Weighted average number of shares</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,357,133 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>1,357,202 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="68%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic and diluted EPS</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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>(0.61651)</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 align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.28887 </FONT></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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 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: 9pt" face="Times New Roman">Page 69 of 77</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

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   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>19.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>PAYMENT TO SHAREHOLDERS </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The table below shows the dividends approved and paid for the last years:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="LAYOUT-GRID-MODE: line; 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="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="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>Year</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="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" vAlign=bottom 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>Approval Year</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="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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Dividends</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="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></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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>Total</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" 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>Year</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="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" vAlign=bottom 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>Payment Year</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="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; BACKGROUND: white; 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>Dividends</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="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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>Total</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="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>700,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>700,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="5%" 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="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</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"><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%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2014</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"><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%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424,939 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>424,939 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>275,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>275,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="2%" noWrap>&nbsp;</TD>

   <TD style="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><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,917 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,917 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="11%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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: #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="10%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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: #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="11%" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="5%" 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="9%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</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="10%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2015</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="10%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,918 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>274,918 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="23%" 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>Total approved</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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>975,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="3%" 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="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>975,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="5%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="21%" 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>Total paid</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: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>974,774 </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="11%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>974,774 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>20.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>NET SALES REVENUE</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Net sales revenue is comprised as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; 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="26%" noWrap>&nbsp;</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="35%" colSpan=3 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>

   <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="33%" colSpan=3 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="26%" noWrap>&nbsp;</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" 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>03/31/2015</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>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="3%" 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>03/31/2015</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="26%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross revenue</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="3%" 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="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="26%" 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: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,286,077 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,942,631 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" 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>2,099,540 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" 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>2,713,048 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,178,110 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,794,017 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>420,381 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>987,948 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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: white; PADDING-TOP: 0in" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,464,187 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,736,648 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>2,519,921 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>3,700,996 </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="26%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deductions </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cancelled sales and discounts</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(68,780)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(38,464)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" 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>(61,057)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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: white; PADDING-TOP: 0in" 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>(31,966)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="26%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes on sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(551,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(687,932)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>(481,224)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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: #dce6f1; PADDING-TOP: 0in" 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>(610,998)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" width="26%" 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: white; PADDING-TOP: 0in" 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; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(620,384)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(726,396)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>(542,281)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" 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>(642,964)</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="26%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,843,803 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="16%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,010,252 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>1,977,640 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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>3,058,032 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>21.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>EXPENSES BY NATURE</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></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="35%" 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="30%" colSpan=3 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="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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>Consolidated </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" vAlign=bottom width="31%" colSpan=3 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="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="35%" 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="14%" 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>03/31/2016</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" vAlign=bottom width="14%" 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>03/31/2015</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" vAlign=bottom width="14%" 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>03/31/2016</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" 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>03/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials and inputs</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(1,003,996)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(1,447,223)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(783,472)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(842,763)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor cost</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>(627,681)</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>(428,079)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap 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>(353,700)</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(357,164)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Supplies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(330,795)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(261,260)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(227,809)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(253,270)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maintenance cost (services and materials)</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" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(294,006)</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>(241,135)</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>(169,104)</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(235,014)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Outsourcing services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(794,879)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(721,164)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(235,355)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(450,859)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation, amortization and depletion (note 9 a)</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" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(309,836)</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>(264,498)</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>(135,525)</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(206,329)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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: #dce6f1; 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>(167,097)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(72,849)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(25,324)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(74,515)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="35%" 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>(3,528,290)</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>(3,436,208)</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>(1,930,289)</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="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>(2,419,914)</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="35%" 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" width="14%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="14%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="15%" 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" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Classified as:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" 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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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="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></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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="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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="35%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales</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>(2,917,758)</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>(3,025,533)</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>(1,638,396)</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,189,432)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(450,421)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(300,830)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(168,633)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; 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>(145,918)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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>(160,111)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap 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>(109,845)</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>(123,260)</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="15%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(84,564)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="35%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; 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" vAlign=bottom width="2%" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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>(3,528,290)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></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" 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>(3,436,208)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></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" 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>(1,930,289)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></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" 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>(2,419,914)</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: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 70 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>22.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>OTHER OPERATING INCOME (EXPENSES) </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></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="43%" noWrap>&nbsp;</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="26%" colSpan=3 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>

   <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="26%" colSpan=3 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="43%" noWrap>&nbsp;</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="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="12%" 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>03/31/2016</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"><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=bottom width="12%" 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>03/31/2015</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>03/31/2016</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"><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=bottom width="12%" 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>03/31/2015</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating income</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Indemnities/gains on lawsuits</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,676 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,728 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,888 </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="12%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rentals and leases</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>328 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>285 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>328 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>285 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other revenues</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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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 </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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,949 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>624 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,819 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" 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; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,272 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,962 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,840 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,722 </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="43%" noWrap>&nbsp;</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="12%" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating expenses</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>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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="12%" 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="12%" 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="12%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes and fees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,802)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,640)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(696)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,826)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Write-off/(Provision) of judicial deposits</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="12%" 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>(17,281)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(52)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,281)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(57)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reversal (Provision) for environmental risks</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" 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>(1,142)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,476 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(337)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,476 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="46%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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, net of reversals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>(42,269)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(149,287)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(45,436)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(144,558)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="46%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation of unused equipment and amortization of intangible assets (note 9 a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>(12,108)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,004)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Residual value of PPE written off (note 9) </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="12%" 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>(12,966)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,985)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,590)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,842)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inventory impairment / (losses) reversals (note 6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" 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>14,619 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,478)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(393)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Losses on spare parts </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,579)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,566)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(187)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,566)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Studies and project engineering expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" 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>(5,731)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,487)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,571)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,361)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Research and development expenses </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(575)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(751)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(575)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(751)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Healthcare plan expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(19,089)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,962)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(19,090)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,962)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Impairment of 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="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></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="12%" 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>(8,417)</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="12%" 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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,417)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,909)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,927)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,301)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,503)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>&nbsp;</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(148,832)</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(219,499)</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(102,542)</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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(201,760)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="43%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8.05pt; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating expenses, net </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 8pt; 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(126,560)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(213,537)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(99,702)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(198,038)</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="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 71 of 77</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

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<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

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<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>23.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>FINANCE INCOME (Expenses)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" 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; PADDING-TOP: 0in" width="13%" 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; 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; PADDING-TOP: 0in" width="13%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" 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: 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="2%" noWrap>

   <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: 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" width="41%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" 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: 8pt" face=arial,sans-serif>03/31/2016</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>

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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>03/31/2015</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>

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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>03/31/2016</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: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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>03/31/2015</FONT></B></P></TD></TR>

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income</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="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>

   <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="13%" 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>

   <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="12%" 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>

   <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="13%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (note 17 b)</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,913 </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,087 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,499 </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>485,112 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="41%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Income from short-term investments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" 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>56,443 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,863 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,240 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Gain from derivative</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="13%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>354 </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="12%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other income (*)</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>173,798 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,355 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,067 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,341 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" 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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>243,154 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>56,136 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,429 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>494,693 </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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Finance costs</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>

   <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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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><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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="13%" noWrap align=right>

   <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="41%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Borrowings and financing - foreign currency</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="13%" 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>(257,833)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(217,729)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,079)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,079)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Borrowings and financing - local currency</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" 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>(547,475)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(471,604)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(470,263)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(406,725)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (note 17 b)</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="13%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(138,425)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(778,050)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(386,914)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (notes 9 and 27)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,661 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,325 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,730 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,325 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Losses on derivatives </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(362)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,479)</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="12%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Interest, fines and late payment charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" 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>(6,014)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,014)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,633)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,007)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other finance costs</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(113,905)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(44,667)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(51,136)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(39,676)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="41%" 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>

   <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; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(867,928)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(860,593)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,329,431)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(863,076)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inflation adjustment and exchange differences, net</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="13%" 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="13%" 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="12%" 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="13%" 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="41%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Inflation adjustments, net</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,140)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,267 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,780)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,540)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Exchange rates, net</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>371,582 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(554,114)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,048,904 </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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,656,432)</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange gain (losses) on derivatives</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" 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="13%" 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>(688,682)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>482,604 </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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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="13%" noWrap align=right>

   <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="41%" 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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(318,240)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(65,243)</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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,043,124 </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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,659,972)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" 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="13%" 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="13%" 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="12%" 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="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><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; 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="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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(943,014)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(869,700)</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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(267,878)</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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,028,355)</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" 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="13%" 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="13%" 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="12%" 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="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Statement of gains and (losses) on derivative transactions</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>

   <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" vAlign=bottom width="13%" 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" vAlign=bottom width="2%" 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" vAlign=bottom width="13%" 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="2%" 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" vAlign=bottom width="12%" 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" vAlign=bottom width="2%" 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" vAlign=bottom width="13%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar-to-CDI swap</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" vAlign=bottom width="13%" 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%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- real NDF</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>436,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Future dollar BM&amp;F</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(681,176)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar- to- euro NDF</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,454 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar - to- euro swap</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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,506)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,568 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="41%" 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>

   <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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(688,682)</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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>482,604 </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="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-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><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" vAlign=bottom width="13%" noWrap align=right>

   <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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fixed rate- to- CDI swap</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" vAlign=bottom width="13%" 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>(299)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,479)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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 align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="13%" 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="41%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CDI -to- fixed rate swap</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" 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" vAlign=bottom width="13%" 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>(63)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>354 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="2%" align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" noWrap align=right>

   <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="41%" 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" vAlign=bottom width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(362)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" 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="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,125)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="2%" 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" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="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 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" vAlign=bottom width="13%" noWrap align=right>

   <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="41%" 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>

   <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; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(689,044)</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; PADDING-TOP: 0in" width="13%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>481,479 </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="12%" 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="13%" 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></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></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*)It refers mainly to gain on repurchase of debt securities amounting to R$146,214.</FONT></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>24.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SEGMENT INFORMATION</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The segment information has not changed compared to the disclosed in the Company's financial statements as of December 31, 2015, therefore, the management decided not to repeat them in these condensed interim financial information.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>According to the Group&#180;s structure, the businesses are distributed and managed in five operating segments as follows:</FONT></FONT></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>03/31/2016</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>Cement</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>expenses</FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>/</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>elimination</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>Consolidated</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>Port</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>Metric tons (thou.) - (unaudited) (*)</FONT></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="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,246,135 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,248,368 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>571,436 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,500,366 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,073 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,423 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,141 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,149 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,204 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(475,278)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,712,078 </FONT></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,308,774 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>626,215 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>196,736 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,131,725 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total net revenue (note 20)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,809,140 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>777,288 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,423 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,141 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,149 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,204 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(278,542)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,843,803 </FONT></B></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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>(2,299,907)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(585,117)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(36,040)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(214,370)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(51,113)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(101,191)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>369,980 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,917,758)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>509,233 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>192,171 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,383 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,771 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,036 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,013 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>91,438 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>926,045 </FONT></B></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(255,318)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(23,755)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,278)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(23,881)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,946)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,657)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(275,697)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(610,532)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>166,229 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,434 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,293 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,695 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,279 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,812 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,906)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>309,836 </FONT></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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>107,316 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,316 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>420,144 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>282,850 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,398 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,585 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,369 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,168 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(123,849)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>732,665 </FONT></B></P></TD></TR>

<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="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <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 style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,669 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>501,603 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>196,736 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>703,008 </FONT></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>581,176 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>581,176 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,044 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,044 </FONT></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>651,959 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,963 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>716,922 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,926 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,649 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,575 </FONT></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,308,774 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>626,215 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>196,736 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,131,725 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,500,366 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,073 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,423 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,141 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,149 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,204 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(475,278)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,712,078 </FONT></B></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; 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: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,809,140 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>777,288 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,423 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>303,141 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,149 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>114,204 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(278,542)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,843,803 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 5.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="9%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

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<TR style="HEIGHT: 13.5pt">

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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; HEIGHT: 13.5pt; 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>

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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; HEIGHT: 13.5pt; 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>

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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="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="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="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; HEIGHT: 13.5pt; 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></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; 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></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; 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>03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" rowSpan=2 width="19%" 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>P&amp;L</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; PADDING-TOP: 0in" rowSpan=2 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>Steel</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; PADDING-TOP: 0in" rowSpan=2 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>Mining&nbsp;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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>Logistics</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; PADDING-TOP: 0in" rowSpan=2 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>Energy</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; PADDING-TOP: 0in" rowSpan=2 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>Cement</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; PADDING-TOP: 0in" vAlign=bottom rowSpan=2 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>Corporate </FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>elimination</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; 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; HEIGHT: 13.5pt; PADDING-TOP: 0in" rowSpan=2 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>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 21pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; 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: 21pt; 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>Port</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; 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; HEIGHT: 21pt; 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>Railroads</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,407,307 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,193,577 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>518,874 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,011,316 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,802 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,846 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>251,174 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,691 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,631 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(270,679)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,240,781 </FONT></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,111,791 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>619,980 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,769,471 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total net revenue (note 20)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,123,107 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>657,782 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,846 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>251,174 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,691 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,631 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(232,979)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,010,252 </FONT></B></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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>(2,365,555)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(566,701)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(30,569)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(180,332)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,949)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(66,530)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231,103 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,025,533)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>757,552 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>91,081 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,277 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>70,842 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,742 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,101 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,876)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>984,719 </FONT></B></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(231,657)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(21,097)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,123)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,966)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,543)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(15,252)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(108,037)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(410,675)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>157,596 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86,048 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,175 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,713 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,242 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,389 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(40,665)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>264,498 </FONT></P></TD></TR>

<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="19%">

   <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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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>72,608 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%">

   <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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>683,491 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>156,032 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,329 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,589 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,441 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,238 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,970)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>911,150 </FONT></B></P></TD></TR>

<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="19%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="9%" 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; HEIGHT: 12.75pt; 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: 12.75pt; PADDING-TOP: 0in" width="9%" 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 style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,010 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>541,014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>580,724 </FONT></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>481,394 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>481,394 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>80,748 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123,478 </FONT></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>535,895 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,236 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>572,131 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,744 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>

   <P style="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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,744 </FONT></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,111,791 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>619,980 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,700 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,769,471 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="19%" 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; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,011,316 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,802 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,846 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>251,174 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,691 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,631 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(270,679)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,240,781 </FONT></B></P></TD></TR>

<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="19%" 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; HEIGHT: 12.75pt; 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: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,123,107 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>657,782 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,846 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>251,174 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>63,691 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,631 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(232,979)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="9%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,010,252 </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: 116%; MARGIN: 0cm 0cm 0pt"></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif>(*)&nbsp;The&nbsp;iron ore&nbsp;volumes of sales presented in this note&nbsp;considered&nbsp;the company's&nbsp;sales&nbsp;and equity interests in&nbsp;its subsidiaries&nbsp;and jointly ventures. (In 2015, consider 60% interest in Namisa)</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US face=arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 73 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<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="71%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" 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 style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="71%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Loss)/Profit for the period</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" 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>(831,292)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>391,802 </FONT></P></TD></TR>

<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="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (note 9 a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>309,836 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>264,498 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution (note 14)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" 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>122,210 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(502,517)</FONT></P></TD></TR>

<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="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (cost) (note 23)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>943,014 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>869,700 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>EBITDA</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>543,768 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,023,483 </FONT></B></P></TD></TR>

<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="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other operating income (expenses) (note 22)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" 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>126,560 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>213,537 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="71%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Equity in results of affiliated companies</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" 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>(44,979)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(398,478)</FONT></P></TD></TR>

<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="71%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" 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>107,316 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="71%" 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; HEIGHT: 12.75pt; PADDING-TOP: 0in" 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 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>732,665 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 12.75pt; 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; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>911,150 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="LINE-HEIGHT: 115%; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 116%; 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: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif><FONT style="FONT-SIZE: 7pt" lang=EN-US 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; 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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>25.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>GUARANTEES</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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: 116%; MARGIN: 0cm 0cm 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 liable for guarantees of its subsidiaries and joint ventures as follows:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>Currency</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>Maturities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="17%" colSpan=4 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>Borrowings</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="16%" colSpan=4 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 foreclosure</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="18%" colSpan=4 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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" 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>Total</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; 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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; 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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>12/31/2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" 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>12/31/2015</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="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina Log&#237;sitca</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Up to 09/19/2056 and indefinite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,544,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>2,544,600 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>39,559 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>39,559 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,866 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,991 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,589,025 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,590,150 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>FTL - Ferrovia Transnordestina</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11/15/2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>81,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>450 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81,700 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>82,150 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cia Metalurgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="13%" colSpan=2 noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Up to 02/10/2016 and indefinite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>333 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,340 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,673 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,673 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Energia</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>2,829 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>2,829 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,829 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,829 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Congonhas Min&#233;rios</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9/22/2022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>2,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,002,520 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,000,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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: 8pt" face=arial,sans-serif>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,003 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>1,003 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,003 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,003 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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" vAlign=bottom 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>R$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="12%" 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" 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: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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>12,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom 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" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; 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; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,627,303 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>4,639,303 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>42,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>42,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,726 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,781 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,696,750 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,707,805 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands XI</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9/21/2019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Islands XII</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; 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: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; 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: #ffffff; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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>1,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Resources</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; 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: 8pt" face=arial,sans-serif>US$</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7/21/2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>1,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,200,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in US$</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="12%" 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>2,950,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,950,000 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Steel S.L.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; 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>EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1/31/2020</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom 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>120,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="8%" 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></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Lusosider A&#231;os Planos</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; 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>EUR</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Indefinite</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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>25,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in EUR</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; 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; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>145,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" 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; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145,000 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" width="12%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in R$</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" width="6%" 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: #ffffff; 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: #ffffff; PADDING-TOP: 0in" width="12%" 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: #ffffff; 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,086,571 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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>12,135,468 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,086,571 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom 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: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,135,468 </FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="1%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; 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; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,713,874 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>16,774,771 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>42,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom 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>42,721 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,726 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,781 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,783,321 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #dce6f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,843,273 </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>

<DIV align=left>

<DIV align=left>

<DIV align=left><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</DIV></DIV></DIV><FONT style="LINE-HEIGHT: 115%" face=arial,sans-serif></FONT>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 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: 116%" face=arial,sans-serif></FONT>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 74 of 77</FONT></P>

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   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
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   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>26.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>INSURANCE </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Aiming to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered under such policies include the following: Domestic Transportation, International Transportation, 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, warranty and Port Operator&#8217;s Civil Liability. </FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US 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 million and covers the following units and subsidiaries of the Company: Presidente Vargas steelworks, Congonhas Min&#233;rios, Sepetiba Tecon, and CSN Mining. 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; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In view of their nature, the risk assumptions adopted are not part of the scope of an audit of the financial statements and, accordingly, were not audited by our independent auditors.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>27.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>ADDITIONAL INFORMATION TO CASH FLOWS </FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 115%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%"><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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The following table provides additional information on transactions related to the statement of cash flows: </FONT></FONT></P>

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<TR style="HEIGHT: 12pt">

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>&nbsp;</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>

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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>

   <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>

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   <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>

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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>

<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="46%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; 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; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" 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>03/31/2015</FONT></B></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="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" 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>03/31/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; 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; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" 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>03/31/2015</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="46%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution paid </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>20,166 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>67,970 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dce6f1; HEIGHT: 11.25pt; 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: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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: #dce6f1; HEIGHT: 11.25pt; 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: #dce6f1; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,400 </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="46%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Addition to PP&amp;E with interest capitalization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>57,661 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,325 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,730 </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="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,325 </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="46%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Subsidiary capitalization from granted loan</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="12%" 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></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="2%" 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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></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="2%" 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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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>8,628 </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="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; HEIGHT: 12pt; PADDING-TOP: 0in" vAlign=bottom width="12%" 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></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="46%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,827 </FONT></B></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,295 </FONT></B></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,358 </FONT></B></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="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap align=right>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81,725 </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: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR face=Arial,sans-serif></FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 75 of 77</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<TABLE style="LINE-HEIGHT: 115%; WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="85%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif><B><FONT face=arial,sans-serif><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B></FONT></B></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top rowSpan=3 width="15%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2><BR>

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif>
   <IMG src="x16051715384100.jpg" width=118 height=54> </FONT></H2></TD></TR>

<TR>

   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

<TR style="PAGE-BREAK-INSIDE: avoid">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>28.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>COMPREHENSIVE INCOME STATEMENT</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>



<TR>

   <TD width="46%">&nbsp;</TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD>

   <TD width="2%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Consolidated</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Parent Company</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">03/31/2016</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">03/31/2015</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">03/31/2016</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">03/31/2015</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="46%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(Loss) Profit for the period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(831,292)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">391,802</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(836,690)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">392,056</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Other comprehensive income</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" bgColor=#dce6f1 width="46%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Items that will not be subsequently reclassified to the</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT style="FONT-SIZE: 8pt">statement of income</FONT></STRONG><FONT style="FONT-SIZE: 8pt"> </FONT></FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Actuarial gains on the defined benefit plan from investments in</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-SIZE: 8pt">subsidiaries, net of taxes </FONT></FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">85</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">85</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">125</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Actuarial (losses) gains on defined benefit pension plan</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">202</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Income tax and social contribution on actuarial (losses) gains on</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-SIZE: 8pt">defined benefit pension plan </FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(77)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">85</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">125</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">85</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">125</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=8><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 7.559pt" bgColor=#dce6f1 width="46%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Items that could be subsequently reclassified to the</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT style="FONT-SIZE: 8pt">statement of income</FONT></STRONG><FONT style="FONT-SIZE: 8pt"> </FONT></FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Cumulative translation adjustments for the period</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(183,286)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">176,771</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(183,286)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">176,771</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.639pt" bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Available-for-sale assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">32,353</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">648,403</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">32,353</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">597,135</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Income tax and social contribution on available-for-sale assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(185,595)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(203,026)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.479pt" bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Available-for-sale assets from investments in subsidiaries, net of</FONT><FONT style="FONT-SIZE: 8pt"></FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-SIZE: 8pt">taxes</FONT></FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">68,699</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.479pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Impairment of available-for-sale assets</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">8,417</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">8,417</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.479pt" bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Income tax and social contribution on impairment of available-for-</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">sale assets </FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,862)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(2,862)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.639pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(Loss) gain on cash flow hedge accounting</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">534,423</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(427,645)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">534,423</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(427,645)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Income tax and social contribution on (loss) gain on cash flow</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;<FONT style="FONT-SIZE: 8pt">hedge accounting </FONT></FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">145,399</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">145,399</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 14.143pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Realization on cash flow hedge reclassified to income statement</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">12,697</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">12,697</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=8><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.479pt" bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(Loss) gain on hedge of net investments in foreign subsidiaries</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">18,864</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 12.479pt" width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(Loss) on net investment hedge</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">18,864</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">415,051</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">362,888</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">415,051</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">362,888</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">415,136</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">363,013</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">415,136</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">363,013</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

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   <TD bgColor=#dce6f1 width="46%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Total comprehensive income for the period</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(416,156)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">754,815</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(421,554)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#dce6f1 width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">755,069</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=8><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="46%" align=left><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Attributable to:</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Ow ners of the Company</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(421,554)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">755,069</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(421,554)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right></TD>

   <TD width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">755,069</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#dce6f1 width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">Non-controlling interests</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">5,398</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=right><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(254)</FONT><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=right></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD bgColor=#dce6f1 width="2%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#dce6f1 width="12%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="46%" align=left><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(416,156)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">754,815</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">(421,554)</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD>

   <TD width="2%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">755,069</FONT></B><FONT style="FONT-FAMILY: arial; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; 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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>29.</FONT></B><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>SUBSEQUENT EVENTS</FONT></B></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><B><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226; Usiminas</FONT></B></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"><FONT style="FONT-SIZE: 9pt" lang=EN-US 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 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 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 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>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 style="FONT-SIZE: 9pt" lang=EN-US 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>

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<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226; Conduct Adjustment Agreement</FONT></B></P>

<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>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>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226; Metalic Discontinued Operations</FONT></B></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%" face=arial,sans-serif><FONT style="FONT-SIZE: 9pt" lang=EN-US 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; LINE-HEIGHT: 115%; MARGIN: 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"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&#8226; CGPar business combination</FONT></B></P>

<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>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; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION</FONT></U></P>

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<P style="LINE-HEIGHT: 14.5pt; 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="LINE-HEIGHT: 14.5pt; 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="LINE-HEIGHT: 14.5pt; MARGIN: 0in 0in 0pt"><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 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></B>&nbsp;</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; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Introduction</FONT></B></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; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have reviewed the accompanying individual and consolidated interim financial information of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), identified as Parent and Consolidated, respectively, included in the Interim Financial Information Form (ITR), for the three-month period ended March 31, 2016, which comprises the balance sheet as of March 31, 2016 and the related statements of income, comprehensive income, changes in equity and cash flows for the three-month period then ended, including the explanatory notes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The Company&#8217;s Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) Interim Financial Information and international standard IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board IASB, as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of the Interim Financial Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Scope of review</FONT></B></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; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Conclusion on interim financial information</FONT></B></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; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the interim financial information referred to above was not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34, applicable to the preparation of Interim Financial Information (ITR), and presented in accordance with the standards issued by the CVM.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Emphasis of Matter</FONT></B></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; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Restatement of interim financial information </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have issued our review report on May 11, 2016 without modifications on the Company&#180;s individual and consolidated interim financial information, which are being restated. As described in note 2.e) to the interim financial information, the interim financial information 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. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Our conclusion is not qualified in respect of this matter.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Restatement of amounts from prior year</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The individual and consolidated corresponding values, related to the cash flow statement for the three-month period ended March 31, 2015 are being restated accordingly to the matter described at note 2.d).</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 78 of 77</FONT></P>

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   <TD vAlign=top rowSpan=3 width="15%">

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   <TD vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT></H2></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="65%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT color=#000000 face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; PADDING-TOP: 0cm" vAlign=top width="20%">

<H2 style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt; FONT-WEIGHT: normal" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</H2></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%"><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; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Other Matters</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">We have also reviewed the individual and consolidated statements of value added (DVA) for the three-month period ended March 31, 2016, prepared under the responsibility of the Company&#8217;s Management, the presentation of which is required by the standards issued by the CVM applicable to the preparation of Interim Financial Information (ITR) and considered as supplemental information for International Financial Reporting Standards IFRSs, which do not require the presentation of DVA. These statements were subject to the same review procedures described above, and, based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, consistently with the individual and consolidated interim financial information taken as a whole. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">The accompanying individual and consolidated interim financial information has been translated into English for the convenience of readers outside Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">S&#227;o Paulo, November 14, 2016</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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   <TD width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">DELOITTE TOUCHE TOHMATSU&nbsp;</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">Auditores Independentes</FONT></P></TD>

   <TD width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">Gilberto Grandolpho</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman">Engagement Partner</FONT></P></TD></TR></TABLE>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT style="FONT-SIZE: 9pt" face="Times New Roman">Page 79 of 77</FONT></P>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 14, 2016</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center>

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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>

<TR height=20>

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

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   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<P>&nbsp;</P>

<DIV align=center>

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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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   <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>

<DIV>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P>&nbsp;</P>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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